Summer 2013 Customer Survey

Have you heard about the latest Consumer Financial Literacy Survey? It’s conducted by the National Foundation of Credit Counseling and tracks Americans’ attitudes and behaviors about personal finance.

A large percentage of Americans feel they’re doing a better job of managing their finances, yet many are not confident in their understanding of personal finance. Adequate savings is a concern for many Americans, whether saving for an emergency or for retirement.

Key findings:

  • About 40% of adults have a budget and closely track their spending. In other words, 60% don’t use a budget.
  • One-third of adults or more than 77 million Americans do not pay all their bills on time.
  • Nearly 40% do not have any non-retirement savings.
  • 37% carry credit card debt from month to month – a 7% decrease since the question was first asked in 2009.
  •  Insufficient savings tops the list of financial worries, with 43% most worried that they don’t have enough emergency savings, and 38% worried they’ll retire with inadequate savings.
  • 78% agreed they could benefit from advice regarding everyday financial questions from a professional.

If you see yourself in these statistics, now is a good time to make a change:

  • Create a budget
  • Develop a savings plan
  • Plan your retirement strategy
  • Make your personal finances a priority

It may seem a bit overwhelming, but as your community bank; UB&T is here to help – stop by one of our 5 offices or give us a call. We can help you get started.

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