NEW YORK, Sept. 19, 2012 /PRNewswire/ -- CafeMom, the leading media company for moms, and Chase Blueprint®, today released the findings of the Mom Money IQ Test, a joint study of the financial behaviors and attitudes of moms, in the hopes of gaining further insight into how American families manage their finances.
Interestingly, the study showed that financial behaviors and attitudes were less dependent on demographics or income levels, and more on budgeting and saving behaviors. Moms who identify themselves as budgeters reported feeling comfortable with their financial state today and optimistic about their financial future. Moms identifying themselves as savers feel the most financially secure of the groups, although their income is the lowest of all the groups surveyed. However, a significant finding of the survey reveals that a high number of moms feel stressed financially, with seven in 10 reporting that they feel overwhelmed by financial burdens. These behaviors prove to be key antidotes for moms who feel overwhelmed by financial stress.
"Moms with strong knowledge of financial concepts have a more positive financial outlook on life, which is why it's so important to empower moms with the information and tools they need to be good family finance managers," said Rachana Bhatt, director, Chase Card Services [NYSE: JPM]. "The survey findings confirmed that when it comes to money, behaviors like making a plan and sticking to a budget are the first step to a sound financial future."
The Mom Money IQ Test also shows that moms are actively managing their family's finances with 67 percent reporting they feel they are doing a good job month to month. Of the moms surveyed, an overwhelming number (87 percent) reported banking online, and another 43 percent use their mobile device for day to day banking transactions.
Chase Blueprint, a free set of financial management features available on millions of Chase credit cards, was created in part with on-the-go, online banking moms in mind. In less than five minutes, a Chase Blueprint plan can be set up online or over the phone with a Chase advisor. This simple plan can help cardholders organize their finances and empower them to manage their spending and borrowing.
Additional findings from the survey include:
- Of the moms surveyed, nearly half have not checked their credit score in the last year, and one in five does not know how much they are paying in credit card APR.
- Word of mouth is strong among moms: If they find a financial product or service that they like, 82 percent say they typically recommend it to people they know.
- While 98 percent of moms agree that they and their partner should be responsible for teaching their kids about money, nearly half of moms say that they themselves were self-taught about finances.
- The vast majority of moms (94 percent) say they feel uncomfortable with borrowing money, however just 43 percent are making regular contributions to a savings account.
- Most moms (59 percent) tend to disagree with their partner on how they manage their finances.
Full results of CafeMom and Chase Blueprint's Mom Money IQ Test on financial attitudes, knowledge and behaviors are available at www.cafemom.com/insights.
The CafeMom & Chase Blueprint Mom Money IQ Test was fielded via research platform Qualtrics with a nationally representative sample of 1,415 U.S. moms with at least one child in the household age 18 or under. CafeMom programmed the survey and captured response data. Insight Express validated weighting of the sample by age, ethnicity, region of residence, and income. The survey comprised approximately 50 questions, including demographic, behavioral, attitudinal, and Mom financial IQ questions. Mom IQ scores are calculated on an overall 100 point basis, with 100 indicating all questions answered correctly.
About Chase Blueprint:
Chase Blueprint is an industry-first set of free features that dramatically improves the way Chase customers can manage their spending and borrowing. Blueprint helps consumers take charge of their finances, pay down balances faster, avoid interest on everyday purchases (even when they carry a balance), pay off major purchases while saving on interest, and track their purchases against their customized spending goals. Blueprint is available on all Chase Freedom®, Chase Sapphire(SM), Slate from Chase(SM), and Ink from Chase(SM) cards. For more information, visit www.chase.com/blueprint.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and small businesses through more than 5,500 bank branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships. More information about Chase is available at www.chase.com.
CafeMom is the leading media company for moms, reaching an audience of more than 20MM across our properties (comScore, Aug. 2012), which include CafeMom.com, MamasLatinas.com, CafeMom Studios, and the CafeMom Plus Network. CafeMom is the leader in developing custom programs for top brands, making it the premier strategic marketing partner to brands that want to reach moms in a rapidly changing digital environment. CafeMom lead investors are Highland Capital Partners and Draper Fisher Jurvetson. The company was founded by Andrew Shue and Michael Sanchez.