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Experian financial blogger partners survey results

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Experian financial blogger partners survey results

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Kicking off the world’s largest financial content expo, FinCon 2016, Experian — together with eight bloggers — announced the findings from a nationwide consumer survey that covers the gamut of personal finance topics. What did we learn?

• Respondents feel optimistic about their finances, but stress surrounding income expectations, debt reduction and retirement investments diminish their confidence in a strong financial future
• Lack of income and funds are considered the main reasons for financial woes, not respondents’ fiscal behavior
• Financial education is key to debt reduction and increased savings, according to respondents

Kicking off the world’s largest financial content expo, FinCon 2016, Experian — together with eight bloggers — announced the findings from a nationwide consumer survey that covers the gamut of personal finance topics. What did we learn?

• Respondents feel optimistic about their finances, but stress surrounding income expectations, debt reduction and retirement investments diminish their confidence in a strong financial future
• Lack of income and funds are considered the main reasons for financial woes, not respondents’ fiscal behavior
• Financial education is key to debt reduction and increased savings, according to respondents

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Experian financial blogger partners survey results

  1. 1. 1 EDELMAN INTELLIGENCE Experian Financial Blogger Survey Report September 2016
  2. 2. 2 WHO HOW MANY ACCURACY WHEN HOW Adults, Nationwide n=1,000 Margin of Error = +/- 3.1% Data Collection Occurred August 2-9, 2016 Online Survey (Average of 13 minutes) RESEARCH OBJECTIVE: Garner mediagenic data around experiences, knowledge and perceptions related to personal finance. Research Methodology Note that throughout this report, total percentages may add up to 99% or 101% due to rounding.
  3. 3. 3 Key Findings  At first glance, respondents feel optimistic about their finances, but stress surrounding income expectations, debt reduction and retirement investments prevents strong confidence in their financial future  Nearly half (46%) have less money in their savings than they had expected; almost three-quarters of respondents say they are behind in their retirement savings  82% of respondents hold some type of debt, and although most agree debt prevents them from living life to the fullest, only half actually feel comfortable talking about debt  Lack of income and funds are given as the main reason for financial woes, not respondents’ fiscal behavior  Financial education is key to debt reduction and savings  Those that are comfortable with stocks and bonds invest in them; but 70% do not currently invest and 41% will not invest in the future due to lack of funds and knowledge  73% say they need more resources to help them pay off their debt
  4. 4. PERSONAL FINANCE
  5. 5. 5 Although people feel better off than last year when it comes to financial security, only 17% feel “very secure” when it comes to their personal finances Q2. Today, how secure do you feel about your personal finances? Q3. Generally, do you feel more or less financially secure than you did last year? How secure do you feel about your personal finances? 8% 27% 47% 17% Not at all secure Not too secure Somewhat secure Very secure Do you feel more or less financially secure than you did last year? 43% 32% 26% More secure No difference Less secure 64% feel secure
  6. 6. 6 Moderate priority And although the majority feel confident in their ability to achieve financial goals, that confidence is soft 17% 24% 20% 24% 46% 33% 33% 30% 40% 24% 15% 12% 23% 35% 18% 31% 40% 45% 38% 68% Setting aside money to start a… Having money to travel the world Saving for education Buying a home / paying my… Having disposable income Building my credit history Setting aside money for retirement Paying off my debt Building up my emergency savings Paying for my basic needs Financial Goals Q5. Below is a list of different financial goals. How much of a priority are each of these for you, personally? (Showing % Moderate/Top Priority) Q6. How confident are you that you can achieve your financial goals on your current income? (Showing % Somewhat/Very Confident) Confidence in Ability to Achieve Financial Goals 42% 22% Somewhat confident Very confident • Nearly half (42%) only feel “somewhat confident” in their ability to achieve financial goals • Top financial priorities are paying for basic needs, building up emergency savings and paying off debt 64% 0 Top priority 92% 78% 75% 73% 64% 64% 59% 43% 36% 32%
  7. 7. 7 5% 21% 44% 30% Never Rarely Sometimes Frequently How often do you feel stressed due to your finances? Q4. How often, if ever, do you feel stressed due to your finances or financial situation? Most adults report feeling stressed due to finances at least “sometimes” 74% feel stressed due to finances at least “sometimes”
  8. 8. 8 Q7. Today, are you earning more or less than you thought you would be 5 years ago? Q8. About how often do you think about needing to increase your income? About how often do you think about needing to increase your income? Daily 37% Weekly 18% Monthly 17% Quarterly 8% Annually 9% Less than annually 6% Never 5% 55% think about needing to increase their income weekly or more Are you earning more or less than you thought you would be 5 years ago? 30% 30% 41% More About the same Less Nearly half of respondents (41%) are earning less than they thought they would be 5 years ago • Most think about needing to increase their income on a daily or weekly basis
  9. 9. 9 35% 21% 13% 13% 12% 6% Not Enough Income Unexpected Bills Cost of Living Overspending on Unnecessary Things Debt Payments Other Do you have more or less money in savings today than you expected you would 5 years ago? 30% 20% 46% 5% More About the same Less Unsure Q22. Would you say that you have more money or less money in savings today than you expected that you would 5 years ago? Q23. Looking at the following list, what would you say is the biggest obstacle to increasing your savings? What is the biggest obstacle to increasing your savings? • Nearly half (46%) have less in savings than they thought they would 5 years ago Low income is cited as the biggest obstacle to increasing savings
  10. 10. BUDGETING & SPENDING
  11. 11. 11 58% 42% Ye s Q12. Do you use a budget for your personal / household spending Q13. For what reasons do you use a budget? (Asked if they use a budget; n=XX) Do you use a budget for your personal / household spending? Nearly half (42%) do not use a budget; those that do, use one to control their spending 35% 38% 40% 45% 46% 69% To help me stop worrying about my finances To track my progress toward achieving my financial goals To keep me on track to achieving my long-term… To better understand my spending habits To motivate me to keep saving money To help me control my spending Why do you use a budget?
  12. 12. 12 58% 42%Ye s Q12. Do you use a budget for your personal / household spending Q14. What is the primary reason that you do not prepare a budget? (Asked if they don’t use a budget; n=XX) Do you use a budget for your personal / household spending? Those who do not use a budget simply believe it is unnecessary for them 16% 16% 23% 38% Don't know how Not enough time Ineffective Unnecessary Why don’t you use a budget?
  13. 13. 13 Sticking to a budget is the top skill respondents say they wish they knew how to do better 5% 9% 25% 26% 28% How to qualify for a loan How to make a budget How to invest in stocks/bonds How to increase my savings rate How to stick to a budget Gaps in Financial Knowledge Q9. What is one thing you wish you knew how to do better financially? Q10. Which of the following statements comes closest to your opinion? 39% 61% Which do you agree with? I have a hard time finding financial education resources Financial education resources are readily available to me • 39% say they have a hard time finding financial education resources
  14. 14. 14 About half of respondents report making an impulse purchase at least monthly; the top motivation is finding a great deal 5% 17% 7% 20% 28% 18% 4% Never Less than annually Annually Quarterly Monthly Weekly Daily How often do you make an impulse purchase? Q15. How often do you make an “impulse purchase” – meaning how often do you make an unplanned decision to buy a product or service just before purchasing it? Q16. When are you most likely to make an impulse purchase? (Asked if they make impulse purchases) When are you most likely to make an impulse purchase? 7% 10% 15% 20% 27% 29% 70% If I want to impress someone If I’m unsure of my budget If I’m having a bad day If someone encourages me If I’m in a good mood If I recently got a paycheck If I find a great deal
  15. 15. FINANCIAL ACCOUNTS
  16. 16. 16 Most respondents check their account balances on a weekly basis Q17. Which of the following types of financial accounts do you currently hold? Q18. How regularly do you check your account balance(s)? (Asked if they have any type of account) How regularly do you check your account balance(s)? 4% 18% 44% 35% Quarterly or less Monthly Weekly Daily 5% 5% 19% 4… 63% 67% 88% None of the above Informal savings club Brokerage account Retirement savings account Credit card account Savings account Checking account Which of the following types of financial accounts do you currently hold?
  17. 17. 17 7% 9% 9% 10% 15% 23% 24% None of these Company reputation Mobile / paperless banking offerings Access to ATMs Interest rates Banking fees Customer service What has the most impact on satisfaction? Q19. How satisfied are you with your current bank or credit union? (Asked if they have a checking or savings account) Q20. Which one of the following would you say has the most impact on your satisfaction or dissatisfaction with your bank or credit union? (Asked if they have a checking or savings account) 57% 38% 6% Very satisfied Somewhat satisfied Dissatisfied Financial Institution Satisfaction Bank satisfaction is high — 57% feel “very satisfied” with their current bank or credit union • Satisfaction is driven by customer service and banking fees
  18. 18. Saving and Investing
  19. 19. 19 On average, respondents spend only 13% of their income on savings and investments Q11. Approximately what percentage of your income goes toward…? 35% 33% 18% 13% Other necessities Housing Other spending Savings and Investments Approximately what percentage of your income goes towards . . . (Showing average)
  20. 20. 20 The most common recent major purchases include cars and vacations Q21. What is the last major purchase you saved for? What is the last major purchase you saved for? 29% 23% 13% 4% 5% 26% Car Vacation House Wedding Other I have not saved for a major purchase
  21. 21. 21 Q26. Do you currently invest in stocks or bonds? Q27. How comfortable do you feel with your investments? (Asked if they invest) 53% 33% Very Comfortable Somewhat Comfortable Comfort with Investing 30% 29% 41% Yes, I currently invest in stocks or bonds No, but I plan to invest in stocks and bonds in the future No, and I do not plan to invest in them in the future Do you currently invest in stocks and bonds? 70% do not invest in stocks and bonds and 41% said they do not plan on investing in the future 86%
  22. 22. 22 Those that do not currently invest their money say they don’t have enough money to invest or don’t know enough about the market/stocks. Q28. Below is a list of factors that may prevent people from investing in stocks and bonds. Which of the following factors are stopping you from investing? (Asked if they don’t invest) Factors Preventing Investing 51% 43% 34% 21% 21% Don’t have enough money to invest Don’t know enough about the market/stocks Stocks are too risky Don’t trust stock brokers/the market Don’t want to pay high fees
  23. 23. 23 The majority of respondents (71% total) feel negatively about their retirement plans. Q24. Next, thinking specifically about retirement savings…Where do you think you currently stand as far as retirement savings? (Asked if they have not yet retired) Q25. Approximately how much money do you have saved for retirement? [OPEN-END] 52% say they “don’t know” how much money they have saved for retirement Where do you currently stand as far as retirement savings? 34% 37% 21% 4% 4% Too Far Behind to Catch Up Moderately behind Right on Track Ahead of Schedule Enough Saved to Retire Now 71% report being behind on their retirement savings
  24. 24. DEBT
  25. 25. 25 Less than one-fifth of respondents do not hold any debt, and many of them (38%) expected to have less than they do now 18% 19% 27% 31% 32% 49% I do not hold any debt Student loan Medical Car loan Mortgage Credit card Types of Debt Held Q29. Today, do you have more or less DEBT than you thought you would be 5 years ago? Q30. Which of the following types of debt do you hold? 38% 34% 29% More debt than I thought 5 years ago Less debt than I thought 5 years ago Same debt that I thought 5 years ago Do you have more or less debt than you thought you would 5 years ago?
  26. 26. 26 40% 29% 31%Higher Same Lower The most common type of debt— credit card debt — is primarily caused by lack of cash flow and overspending Q33. What do you think the primary reason is for your credit card debt? (Asked if they have credit card debt) Q34. On average, would you say that your credit card debt is higher or lower than it was last year? (Asked if they have credit card debt) Primary Cause of CC Debt Average CC Debt Compared to Last Year 5% 6% 7% 9% 10% 27% 36% Don’t know; I’ve never seriously addressed it Lack of savings Other I don’t see having debt as a problem Inability to reduce monthly bills Overspending Lack of cash flow • 40% say they have higher credit card debt than they did last year
  27. 27. 27 76% 16% 8% How many times in the past year have you paid credit card late fees? Q35. Approximately how many times in the past year have you had to pay credit card late fees? (Asked if they have a credit card) Q36. How would you rate your current credit score? 1-3 times 0 times 4 or more times 28% 27% 20% 14% 7% Excellent Good Fair Poor Bad How would you rate your current credit score? Most claim they have not paid any credit card late fees in the past year and rate their credit score as “excellent” or “good” 5% are unsure
  28. 28. 28 Respondents believe their bill payment history has had the biggest impact on their credit score 26% 14% 12% 11% 10% 9% 4% 3% 3% What has the biggest impact on your credit score? Q37. What factor has the biggest impact on your credit score?
  29. 29. 29 Nearly three-quarters (70%) agree that debt prevents them from living their life to the fullest Q32. How much do you agree or disagree with the following statements? (Asked if they hold debt; n=XX) I need more resources to help me pay off my debt. I will never fully pay off my debt. 21% 23% 12% 13% 28% 23% 15% 17% 34% 26% 36% 33% 17% 28% 37% 37% Strongly Disagree Somewhat Disagree Somewhat Agree Strongly Agree I am comfortable talking about my debt. Debt prevents me from living life to the fullest. How much do you agree or disagree with the following statements? • 73% say they need more resources to help them pay off their debt; however, only about half (51%) say they are comfortable talking about their debt
  30. 30. COLLEGE COSTS
  31. 31. 31 53% 47% How do you currently feel about your student loans? My student loans are out of control; I am anxious about how I will pay them off My student loans are under control and I am confident that I will pay them off on time Q40. How do you currently feel about your student loans? (Asked if they have student loans) Those with student loan debt are split when it comes to their confidence about paying it off • Nearly half (47%) say their student loans are out of control and they are anxious about how they will pay them off
  32. 32. 32 Most believe that college is worth it, but there are stipulations When is college worth the cost? Q38. When would you say college is worth the cost? 5% 10% 11% 18% 28% 28% 34% If you go to a very prestigious school If you go to an in-state college College is never worth the cost If you choose a major associated with high paying jobs If you get a scholarship that pays for all or most of tuition If you major in a field with a lot of job opportunities College is always worth the cost • While about one-third say that college is always worth the cost, 28% say that it is only worth the cost if you major in a field with many job opportunities or if you get a scholarship
  33. 33. 33 Q39. If you could go back in time and go to college all over again, what is the one thing you would do differently? (Asked if they went to college) 7% 12% 15% 17% 19% 20% 21% 32% Other Get an internship (or get more internships) Go to a different school Be more involved on campus and in extra-curricular activities Find a way to graduate with less debt Get better grades and/or learn more in class Build a better network of contacts I would do nothing differently If you could go to college all over again, what would you do differently? About one-fifth (19%) of those who went to college would find a way to graduate with less debt if they could do it over again
  34. 34. 34 Two-thirds of those with student loans regret taking them out; they agree that student loans negatively impact their ability to save for large purchases 16% 11% 18% 19% 29% 31% 37% 39% Strongly Disagree Somewhat Disagree Somewhat Agree Strongly Agree I regret taking out such high student loans. Q41. How much do you agree or disagree with the following statements? (Asked if they have student loans) My student loans negatively impact my ability to save for large purchases. How much do you agree or disagree with the following statements?
  35. 35. MONEY MANAGEMENT AMONG SPOUSES
  36. 36. 36 Although most married couples share joint accounts, only 30% split handling financial matters evenly Q42. Which of the following best describes how you and your spouse maintain your bank and credit accounts. My spouse and I maintain… (Asked if they are married or living with a partner) Q43. How do you and your spouse handle finances? (Asked if they are married or living with a partner) How do you and your spouse maintain your bank and credit accounts? 3% 24% 24% 49% Unsure Completely separate accounts 1 or more separate & one or more joint accounts Joint account only 10% 15% 18% 27% 30% My spouse… My spouse… I handle all our… I handle most of… We split it evenly How do you and your spouse handle finances?
  37. 37. 37 Only half of married couples discuss financial matters weekly or more . . . Q44. Approximately how often do you and your spouse … (Asked if they are married or living with a partner) 16% 36% 32% 16% Daily Weekly Monthly Quarterly or less Talk about financial matters Approximately how often do you and your spouse… Only 52% of married couples talk about financial matters weekly or more
  38. 38. 38 6% 14% 16% 12% 7% 24% 21% Daily Weekly Monthly Quarterly Annually Less than annually Never Approximately how often do you and your spouse…Disagree on financial matters Q44. Approximately how often do you and your spouse … (Asked if they are married or living with a partner) . . . But disagreement on financial matters between spouses is fairly rare • Over half (52%) disagree on financial matters only annually or less
  39. 39. 39 Married respondents agree that managing finances is difficult, but they are comfortable talking it out I am completely comfortable talking to my spouse about money. 45% 28% 3% 25% 27% 10% 21% 29% 26% 9% 17% 61% Strongly Disagree Somewhat Disagree Somewhat Agree Strongly Agree Q46. How much do you agree or disagree with the following statements? (Asked if they are married or living with a partner) It feels like my spouse and I disagree about finances all the time. Before marriage, I never realized how difficult managing finances together would be. How much do you agree or disagree with the following statements? • Nearly half (46%) admit that before marriage, they never realized how difficult managing finances together would be; virtually all (86%) agree that they are comfortable talking to their spouse about money
  40. 40. DEMOGRAPHICS
  41. 41. 41 Category Subcategory % Gender Female 51% Male 49% Age 18-24 14% 25-34 18% 35-44 17% 45-54 18% 55-64 14% 65+ 19% Region Northeast 18% South 39% West 21% Midwest 22% Race/Ethnicity White 64% African American 13% Hispanic/Latino 15% Asian American 5% Other/Multi-racial 3% Category Subcategory % Employment Status Employed full-time 53% Employed part-time 20% Self-employed full-time 7% Self-employed part-time 6% Retired 4% Other 10% Level of Education Less than High School Diploma 5% High School Diploma 38% Technical or Vocational School 3% Some College 18% College Graduate (4-year degree) 10% Graduate or Professional School 25% Marital Status Single, never married 32% Married / Civil partnership 40% Living together with someone but not married 9% Separated 2% Divorced 12% Widowed 4% Demographics Respondent Demographics Totals may not add up to 100 due to rounding
  42. 42. APPENDIX
  43. 43. 43 Only about one-quarter of respondents (28%) grew up in a household where finances were discussed frequently Q1. Thinking back to when you were growing up, how often were finances discussed in your household? 10% 28% 35% 28% Never Rarely Sometimes Frequently Growing up, how often were finances discussed in your household? • 38% of respondents are from households where finances were “never” or “rarely” discussed
  44. 44. 44 32% 26% 24% 18% 11% 51% 50% 58% 73% 35% 9% 15% 10% 4% 19% 7% 10% 8% 5% 34% Medical Student Loan Credit Card Car Loan Mortgag e Less than 1 year 1-5 years 6-10 years More than 10 years Years Paying Off Debt Q31. How many years have you been actively attempting to pay off each of the following types of debt? [Asked for each type of debt they hold among those who have started paying it off] How many years have you been actively attempting to pay off each type of debt?
  45. 45. THANK YOU

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