Consumer confidence: "Shaken by a tumultuous summer."

After a summer of unnerving debt ceiling negotiations, a U.S. credit downgrade, and a volatile stock market, consumers show a level of financial insecurity that is still high three years after the height of the financial crisis, according to a new nationwide survey issued by Citibank.

Among the key findings, only a minority (41 percent) of Americans expects improvement in local business conditions within the next 12 months, representing a 22 percentage point decline since January 2011 and a 10 point decline since April, according to the survey of a random sample of 2,006 adults nationally from August 6-11 conducted by Hart Research Associates. Seventy-two percent of American consumers believe the economy still has a way to go to reach bottom -- a 13 percentage point increase since early 2011 -- and 44 percent feel less financially secure now than they did in 2008.

A silver lining to the results is the American public's self assessment which remains largely unchanged: 60 percent remain somewhat or very optimistic about their own personal economic situation over the next 12 months, while 36 percent are somewhat or very pessimistic.

"These survey results bring into sharp relief the degree to which the confidence of even the most optimistic consumers has been shaken by a tumultuous summer," said Michelle Peluso, Global Consumer Chief Marketing and Internet Officer, Citi. "Although consumers' current circumstances remain largely unchanged, expectations that things will improve in the foreseeable future have declined. And yet, consumers remain resilient and hopeful that their personal situations will improve."

As consumers continue to weather the downturn, the survey found that the top factor cited for financial security today is staying healthy (45 percent), followed closely by having a secure job (41 percent). Slightly more than three in ten Americans (32 percent) cited avoiding debt, but other factors such as having an emergency fund (17 percent), owning your own home (16 percent), and having a college degree (15 percent) were noted.

When it comes to staying financially secure in today's economy, nearly a third of Americans (32 percent) believe that being their own boss is best. Working for a large corporation (24 percent) and the federal government (21 percent) are also viewed as safer employment options than working for a small business (17 percent) or for a state or local government (15 percent).

Consumers also report making deep and permanent changes to the way they save and spend. For example:

• 30 percent have changed living arrangements in order to save money
• 24 percent are doing jobs now that they would not have chosen in a better economy
• 24 percent have decided to postpone retirement
• 72 percent are using coupons they receive in the mail, newspapers or magazines
• 62 percent are cutting back on premium products like coffee and food in favor of less expensive options
• 44 percent are shopping more at bulk food stores
• 36 percent are using online special offers

In Citibank's quarterly surveys, the percentage of consumers who believe things are forever changed has steadily increased from 51 percent in September 2010 to 52 percent (January 2011) to 54 percent (April 2011) to 57 percent today.

More complete information about the August Citi consumer confidence survey and its methodology is available here.