Experian Survey Gets Inside Consumers’ Heads

Lack of cash flow and overspending are the top reasons for people getting into credit card debt, and more people generally feel optimistic about their financial futures than last year, even though most of them aren’t saving sufficiently for retirement.

Those are just some of the insights from a recent survey by financial bloggers, who partnered with credit bureau Experience to get inside people’s heads and find out what makes them tick when it comes to money.

Katie Ryan O’Connor, an editor at the personal finance bog Get Rich Slowly, said that while the survey showed an increase in the number of people saying they felt more financial confidence than they did the year before, the majority of respondents still said they felt less secure, or the same amount of security, as last year. “In a time of economic recovery and expansion, this is something we all need to pay attention to,” said O’Connor.

Good news from the survey included the fact that 53% of those polled said they are confident they will pay off their student loans on time, and 76% reported not paying any credit card late fees during the last year.

Other findings include –

Earning, saving and investing:
• 41% of respondents said they are earning less money now than they thought they would be five years ago
• 71% of respondents said they are behind on their retirement savings
• 70% of respondents said they don’t invest in the stock market, and 41% of those said they don’t plan to ever invest in it

Shopping and debt:
• 50% of respondents said they buy things on impulse on at least a monthly basis, and 70% of those said their impulse buys are due to finding a good deal
• People with credit card debt said that it was due to limited cash flow (36%) and overspending (27%)
• 70% of those polled agreed with the statement that debt keeps them from living life to the fullest

Money and home life:
• 74% of respondents said they feel stressed over money troubles at least some of the time
• 48% of respondents who are in relationships said they talk about money with their partner once a month or less
• 30% of respondents in relationships said they have disagreements with their spouse over money “all the time”

The survey was conducted online in June 2016 and included responses from 1,000 people ages 18 and over, living in the United States.