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

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

Parents Plan to Rein in Spending After Back-to-School Shopping
The content is accurate at the time of publication and is subject to change.

Even though a third of the parents polled by Discover last month said their finances were getting better, many said they planned to spend less this month than they did in August. That’s because most have already busted their budgets preparing their kids for school this month.

But while 32% of respondents with children at home rated their personal finances as improving in September, only 24% of all of those polled felt their finances were getting better. That 7% increase in optimistic parents over last month may be due to the slowdown they expect in spending now that the kids are off to school.

Not many folks reported having money to spare. The survey showed a decrease in the number of people who thought they would have funds left after the August bills were paid. Only 44% anticipated wiggle room in their budgets this month, compared to 47% last month.

Thoughts on the economy

Other survey findings included a dip in economic confidence, notably among the middle and upper class. For the first time since September 2012, more than half of survey respondents said they felt that the U.S. economy was on the decline.  Only 17% of consumers surveyed in August rated the economy as good or excellent, compared with 20% that felt that way in July.

Just over half (51%) said the economy was getting worse, and among people making over $75,000 a year, there was a 9% jump in economic pessimists. Forty percent of them took the glass half-empty viewpoint.

Among the middle class—people making between $40,000 and $75,000 annually—52% had a dim view of the economy. That’s a 6% increase over last month. Just over half (54%) of the people taking home less than $40,000 per year said the economy was getting worse, which is on par with July’s figures.

The Discover U.S. Spending Monitor polls 8,200 people monthly to reveal trends in spending intentions, economic outlook and financial confidence among consumers.

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:

Economic Confidence Rises, Personal Financial Confidence Dips
Economic Confidence Rises, Personal Financial Confidence Dips

Posted: June 07, 2013

Discover’s monthly Spending Monitor showed a slight rise in people’s rating of the economy, but that did not translate to feelings about their own finances. Spending intentions were flat, with only a slight increase in spending planned for… 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

Discover Spending Monitor: Consumer Confidence Soars
Discover Spending Monitor: Consumer Confidence Soars

Posted: July 03, 2013

People are feeling more optimistic about their personal finances and the economy than they have all year, according to the June Discover Spending Monitor. It rose to its highest point so far in 2013. Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited 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!