Simpler Finances Key to Better Financial Health - 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 » Simpler Finances Key to Better Financial Health

Simpler Finances Key to Better Financial Health

Simpler Finances Key to Better Financial Health
The content is accurate at the time of publication and is subject to change.

People who say their finances have gotten better since the recession also report lower levels of complexity in their financial situations, according to a new study by Chase.

Paying off credit card balances in full, having a good grasp on financial literacy, and taking advantage of financial tools and counseling were also tied to improved financial status.

The Chase Blueprint study showed that people who are still struggling post-recession have several things in common: they have multiple sources of debt, report increasingly complex financial situations, and are more likely to consider themselves financially illiterate than people who say they’ve recovered from the recession.

Simpler is healthier

The report, called “How Have Americans’ Financial Lives Rebounded From the Recession?” includes a survey of 1,242 people who were asked questions about how they are doing financially since the economic crash of 2008.

About a quarter of those surveyed said their financial health has improved since the recession. Of those, 43% say that their finances have also gotten less complicated. However, among people who said their financial health has taken a nosedive since the recession, 31% call their finances very complex.

Common traits of the financially fit

Paying off credit cards each month, refraining from borrowing money from friends and family, and staying away from things like payday loans and direct deposit advances were all linked to financial stability.

Of the quarter of respondents who said they finances were on the upswing, 60% say they almost always pay their credit card balance in full. Those who said their finances have gotten simpler since the recession also took out fewer loans, avoiding fees and other financial penalties associated with carrying a great deal of debt.

Being financially savvy makes a difference

Also common to the group who said they were financially healthy was a feeling that they understand what’s happening with their finances. More than half (55%) of the group with improved financial health considered themselves financially literate. One-third of those who reported decreased financial stability defined themselves as financially illiterate.

Overall, people have gotten financially savvier. Forty-five percent of respondents across the board felt they were financially literate, compared with 31% in 2010.

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: 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

Consumer Confidence Slides to Two-Year Low
Consumer Confidence Slides to Two-Year Low

Posted: November 08, 2013

Consumer confidence is at a two-year low, according to Discover’s  Spending Monitor.  There was a decline in planned spending by respondents in almost every category last month.

People with kids and married… Continue reading

Financial Brands Make Gains in 2013
Financial Brands Make Gains in 2013

Posted: October 14, 2013

Consumer confidence in financial companies is on the rise, according to the Best Global Brands report. Eight of the eleven financial entities in the study published by Interbrand showed significant gains in popularity and value. 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!