WHITING, Ind., Sept. 14, 2011 /PRNewswire/ -- As economic uncertainty continues to churn, many consumers report they are facing tough financial challenges. According to CouponCabin's first Savings and Spending Report, 45 percent of U.S. adults said they feel less financially secure than they did one year ago, while 16 percent said they always worry about money. Adults with higher incomes are also feeling the economic pinch, as nearly four-in-ten (39 percent) with household incomes of more than $75,000 per year said they feel less financially secure than they did one year ago. This survey was conducted online nationwide by Harris Interactive on behalf of CouponCabin.com from August 17 – 19, 2011, among 2,210 U.S. adults age 18 and older.
View the infographic here: http://www.couponcabin.com/are-we-financially-stressed/.
"Regardless of socioeconomic status, many consumers are still feeling the aftershocks of the past recession," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com, a leading online coupon site. "With the lessons of the past few years fresh in their minds, it's important now more than ever for consumers to be financially savvy. Even though current conditions are tough, it's time to go back to the basics of budgeting, saving and planning for the future to ensure financial stability."
Factors Contributing to Financial Insecurity
A variety of different hurdles are contributing to financial insecurity among U.S. adults. When asked why they don't feel financially secure, respondents said the following:
- Live paycheck to paycheck – 59 percent
- Underpaid at my current job – 41 percent
- Unexpected expenses always pop up – 40 percent
- Can't keep up with my bills – 35 percent
- Debt like student loans and car payments – 32 percent
- Credit card debt – 26 percent
- The recent stock market ups and downs – 21 percent
- Amount owed on mortgage – 16 percent
It's one of the basic fundamentals of being financially secure, yet many U.S. adults said that they put very little money away in savings each month. Nearly half (47 percent) said they don't put anything into savings each month, while one-in-ten (11 percent) put away less than $100. On the flip side, nearly one-in-five (19 percent) report they save $400 or more each month.
For those with household incomes of more than $75,000 per year, they too have trouble earmarking money for the future. Twenty-nine percent of those adults said they don't put anything into savings each month.
The six-month emergency fund, which experts say is necessary money put aside for six months of living expenses, is another savings difficulty for most U.S. adults. More than half (52 percent) of U.S. adults said they don't have such a fund, while 40 percent of those with household incomes of more than $75,000 said the same.
401(k) s and Getting By
When times get tough, some adults report they tap into their long-term savings plans to get by. More than one-in-ten (12 percent) said they have taken money out of their 401(k) in the last year to get by, while 15 percent said they have reduced their 401(k) contributions.
Despite many money issues, the majority (83 percent) of U.S. adults said they feel they live within their means. Many also shared their feelings on the going rates for many basic expenses, revealing that they think the following are overpriced:
- Fuel for my vehicle – 80 percent
- Medical care – 70 percent
- Entertainment (cable, movies, etc.) – 63 percent
- Food – 59 percent
- Utilities – 58 percent
- Communication (telephone, cell phone, etc.) – 58 percent
- Education – 41 percent
- Housing – 37 percent
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from August 17 – 19, 2011, among 2,210 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, email@example.com.
CouponCabin is a leading online destination for coupons including online coupon codes, printables, grocery coupons and more. Shoppers have saved nearly $250 million since 2003 and with the largest selection of coupons guaranteed to work, CouponCabin.com is the best place to start searching for savings. The average user saves $19 in just 80 seconds on the site. With customized email newsletters, browser savings alerts, new coupon alerts and more, shoppers will never miss out on a great deal with CouponCabin.com. For more information, please visit http://www.CouponCabin.com.
*Among those who currently feel not at all financially secure