Economic Confidence Rises, Personal Financial... - Other News


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Economic Confidence Rises, Personal Financial Confidence Dips

Economic Confidence Rises, Personal Financial Confidence Dips

Economic Confidence Rises, Personal Financial Confidence Dips
The content is accurate at the time of publication and is subject to change.

The Discover U.S. Spending Monitor results for May show that although people’s view of the economy is improving slightly, that optimism doesn’t translate to their personal finances.

Discover takes of daily poll of about 8,200 consumers, tracking their feelings toward the economy, their spending outlook, and their personal financial picture. Each month they release these findings in their Spending Monitor.

In May, 19% of total respondents rated the economy as good or excellent, up two percentage points from April. This small surge of positivity was fueled by women, as the percentage of women who felt the economy was looking good increased by four points to 19%, compared with men, whose good and excellent responses remained flat at 20%.

Not surprisingly, people who take home a bigger paycheck tend to feel better about the economy. Respondents who make more than $75,000 a year showed a 5% increase in rating the economy as good or excellent (to 30%), while workers making less than $40,000 had only a 2% increase on that answer (for a total of 16%).

When asked if the economy was on its way to brighter days, 32% of people said yes, it is improving—not much of a change from April’s 31% who were optimistic about the future.

Economy vs. personal outlook

When it came to their personal finances, however, the story was a little different.

The number of people rating their own finances as good or excellent dipped by 2%, to 33%. And as to whether they see their financial picture improving, the number of glass-half-full respondents crept downward by 1%, to 25%.

When asked if they anticipate having money left over after their bills were paid in May, only 45% of respondents thought they would. In April, 48% said they would have some discretionary funds left after paying bills.

As with the economy, women seemed to have a brighter outlook than men about their personal bottom lines. The number of men who said their finances were improving declined by 3%, to 25%. Twenty-five percent of women also answered that their finances were improving, but last month only 24% of women said that, representing a small increase in May’s optimism.

Spending plans

When asked about how they planned to spend money in May, the amount people planned to spend stayed about the same, but the things they planned to spend it on saw some small shifts. Discretionary income was more likely to be spent on vacations (15% up 1% from last month), and fun outings like dinner and a movie (11%, up 2% from last month). A few more people hoped to save or invest money, too—10% said they planned to do this, compared with 9% last month.

Spending on home improvement projects was projected to be the same in May as in April, with 17% of respondents planning to spend some money on spring projects around the house or yard.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Discover Spending Monitor Shows Slight Rise in Consumer Confidence
Discover Spending Monitor Shows Slight Rise in Consumer Confidence

Posted: March 14, 2013

Discover’s latest Spending Monitor showed that spending was steady, and confidence in the economy was improving – but only slightly. Nearly half of the respondents expect the economy to get worse before it gets better. Continue reading

Parents Plan to Rein in Spending After Back-to-School Shopping
Parents Plan to Rein in Spending After Back-to-School Shopping

Posted: September 06, 2013

Consumers plan to cut back this month after spending more than usual in August as they readied children for school, according to the Discover Spending Monitor. Continue reading

Consumer Confidence at its Strongest in Five Years
Consumer Confidence at its Strongest in Five Years

Posted: June 27, 2013

Consumer confidence is up for the third month in a row and is at its highest level since January 2008, according to the Conference Board Index. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Introducing the New Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
For Excellent, Good Credit
Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days
For Good/Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
For Fair/Bad Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!