When it comes to spending and saving money, actions don’t always line up with attitudes. The Chase Blueprint Pulse of the Consumer Survey, which asked consumers about their financial habits and concerns, revealed that although many people are worried about whether or not they have sufficient savings, less than half of them are making regular contributions to those accounts.
When it comes to savings, 68% percent of survey respondents said that they were worried about not having enough money in savings, yet only 41% were being proactive about growing their savings accounts through regular contributions.
Other major money concerns were healthcare costs and retirement funds. When asked about their biggest financial worries, two-thirds of respondents named healthcare expenses as a major concern and 61% cited retirement savings as an anxiety producer.
To combat those concerns, people are making inroads towards managing their money better. In an effort to reduce their debt, 55% of those surveyed report they are paying off credit cards faster than in previous years. Forty-eight percent of survey participants have created a monthly budget to get their spending under control.
Overall, people felt that their own finances, as well as the economy, were either stable or getting better. Seventy-one percent said their personal finances are improving.
Spending is up
Spending on food, gas, and housing was up over last year, a continued sign of economic recovery. Thirty-nine percent say they are spending more on food, 31% report increased spending on gas, and 16% are paying more for housing this year. Overall, 45% of folks say their spending is the same or higher than it was before the recession.
Chase surveyed 1,005 adults between June 11 and 18, 2013. For more information, go to the bank’s Resource Center for Mindful Spending.