In 2010, the typical middle class family had financial assets of$27,300 – including retirement savings but not pensions – which was28% less than the $37,800 held in 2007.

That's according to a new report released Tuesday, “TheFinancial Status and Decision-Making of the American Middle Class”,from the Consumer Federation of America and Primerica Inc., adistributor of financial products to middle income families.

The findings came from a national survey of 2,015 adultAmericans.

The typical middle class family, defined as those with householdincomes between $30,000 and $100,000, had financial assets of$27,300, including $3,900 in checking and/or savings accounts.

Most of these financial assets represented money in contributoryretirement accounts, but only about three-fifths of all families(61%) had such an account. A number of middle class families did have pensions, the data showed.

For middle class families, the typical debt payment to incomeratio was 20% with 9% having debt payments that were overdue by 60days or more. Nearly half (49%) still carried credit card debt frommonth to month, and the median debt for these families was$2,700.

The decline in housing prices was the main reason that the netassets of the typical middle income family declined 35%, from$145,600 to $94,700, according to the report.

Only 21% of the middle class families had a cash value lifeinsurance policy, 15% stocks outside a retirement account, 14%certificates of deposit, and 13 % U.S. Savings Bonds.

Over half of these families (53%) had installment debt whosetypical amount was $13,500. Almost all of this debt representedauto loans and student loans. These families held consumer andmortgage debt that was, typically, $85,400 in 2007 and $84,400 in2010.

The findings showed that middle class Americans were much morerisk-averse than those with higher incomes. If given $1 million toinvest for retirement,only 21% of middle class Americans, compared to 48% ofhigher-income persons (incomes $100,000 and over), would investmainly in stocks, bonds and/or mutual funds.

Nineteen percent of the middle class group would invest most oftheir funds in a savings account while 25% would invest mainly inreal estate.

When it comes to making financial decisions, 81% of the report'srespondents rated their ability to budget income as good orexcellent. Eighty percent said the same for managing credit carddebt, 63% for their ability to save for retirement and 67% fortheir ability to purchase a mortgage loan.

Still, two-thirds of those surveyed acknowledged having madefinancial mistakes, often costly ones.

“Considering their past mistakes and the complexity of thefinancial services marketplace, we were surprised at how highlymost middle class Americans rate their ability to make a variety offinancial decisions and how infrequently they rely on informationfrom the Internet and publications,” said CFA Executive DirectorStephen Brobeck.

Two-thirds of middle class Americans (67%) said that, in thepast, they had made at least one “really bad financial decision,”and nearly half of those questioned (47%) acknowledged that theyhad made more than one bad decision. The typical (median) cost ofthese bad decisions was $5,000, but the average cost was$23,000.

Few of these Americans said their main source of information oradvice about specific financial decisions would be from theInternet, books, magazines or TV. And a number said they would notseek information or advice in making these decisions.

For saving and investing 15% said they would rely on theInternet, publications or TV for the information, yet another 17%said they wouldn't seek any information or advice, and just make adecision. However, for this kind of decision, 45% said they woulduse information and advice from a financial professional.

The report's analysis was conducted by ORC International in Julyand through a statistical examination of the Federal ReserveBoard's 2010 Survey of Consumer Finances, by Professor CatherineMontalto of The Ohio State University.