NEW YORK, Oct. 18, 2016 /PRNewswire/ -- Nearly 2-in-3
Americans are limiting their monthly spending, according to a new
study by Bankrate.com (NYSE: RATE). The top reason for regulating
their funds is the need to save more money (30%), followed by
stagnant income (25%), worries about the economy (15%) and having
too much debt (10%). Given the strength of the current labor
market, few people (3%) blame worries about job security as their
reason for holding back on spending. To view the survey
results go to:
http://www.bankrate.com/finance/consumer-index/financial-security-charts-1016.aspx
"With pay raises now spreading out among the broad population,
Americans are finally limiting spending for a good purpose – to
save money. This is the first time in 4 years that the top
reason wasn't stagnant income," said Bankrate.com Chief Financial
Analyst Greg McBride, CFA.
The need to save more skews heavily toward Millennials (48%) and
Gen X (31%) while stagnant income is heavily tilted toward
Americans ages 62 and up, as one would expect with retirees often
dependent on a fixed income.
Older Millennials (age 26-35) cited 'too much debt' more often
than other age groups – a reflection of student loans – while those
in the Silent Generation (age 71+) pointed to worries about the
economy more than any other age group.
The Financial Security Index rebounded to 101.3, a level
indicating improvement over the past year, with improved readings
on job security, comfort level with debt, and overall financial
situation.
Additionally, feelings of financial security show a broader
variance in terms of political affiliation compared to last month.
The Financial Security Index for Democrats increased from 103.6 to
106.0, while Republicans' fell from 99.4 to 98.0. Independents came
in somewhere in the middle you might say, increasing from 97.0 to
99.2. Any reading above 100 indicates improved financial security
over the past year while readings below 100 profess deterioration
in financial security over the past 12 months.
Princeton Survey Research Associates International obtained
telephone interviews with a nationally representative sample of
1,000 adults living in the continental United States. Interviews were conducted by
landline (500) and cell phone (500, including 305 without a
landline phone) in English and Spanish by Princeton Data Source
from October 6-9, 2016. Statistical
results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data
is plus or minus 3.7 percentage points.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information:
Katie Yates
VP, Corporate Communications
kyates@bankrate.com
(917) 368-8677
Logo -
http://photos.prnewswire.com/prnh/20130805/FL58072LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/65-of-americans-are-limiting-their-monthly-spending-300345893.html
SOURCE Bankrate.com