35% Of Americans Struggle to Make Ends Meet Each Month
30-Somethings and Those with Children Under Age 18 Hit Hardest, Annual CashNetUSA Survey Finds
CHICAGO (April 9, 2013) – Facing an April 15 tax bill deadline, Americans are still coming up short on cash due to the economic slump. Thirty-five percent report struggling to make ends meet each month according to a new survey of 1,000 Americans by online lender CashNetUSA.com. The greatest pressure is felt among those ages 30 to 39 at almost half (48 percent) struggling to makes ends meet, versus an average 36 to 37 percent for all other age groups under the age of 60. The findings demonstrate the continued pressure on Americans to live paycheck to paycheck and how they are managing the limited financial resources they have.
The CashNetUSA survey is a follow up to one conducted at the same time last year which found one in four Americans considered themselves poor.
A higher percentage of women report struggling financially at 39 percent versus men at 31 percent. Those with children under the age of 18 report having a tough time making ends meet at 41 percent versus 32 percent without young children.
“Too many Americans are still experiencing economic pain, and the upcoming tax deadline only exacerbates the cash flow squeeze on young families,” says Megan Staton, director of marketing at CashNetUSA.com, one of the country’s leading online licensed lenders of cash advances to manage financial emergencies. “The continued weakness in the overall economy hasn’t helped consumer spending habits.”
According to the survey, most Americans seem to have a solid understanding of their available funds and monthly expenses with only slight declines from last year:
- Almost half (45 percent) know the exact amount in their checking or savings account right now, comparable to 47 percent same time last year.
- When asked if they know the total amount of money they spend on bills each month, 33 percent of Americans say they know the “exact amount” versus 36 percent last year and 59 percent have a “rough idea” today, up from 58 percent last year.
- Nine percent of individuals today currently have “no idea” what they spend on bills each month versus seven percent last year.
- A higher percentage of Americans (49 percent) say they loosely follow a monthly budget while 27 percent of the individuals surveyed strictly adhere to it. One quarter (25 percent) have no budget at all, down two percent from last year.
- More individuals in the 30-39 age bracket who report struggling the most, have adopted following a monthly budget versus last year. Eighty-three percent now report following a budget strictly or loosely versus 77 percent this time last year, a six-percentage point increase.
About the Survey
This CashNetUSA.com survey was conducted online in February 2013 by TNS among a U.S. Census representative, national random sample of 1,000 Americans, one year after the original study in February 2012. The margin of error for the national sample is approximately 3%. Surveys are subject to other error sources as well, including sampling coverage error, recording error, and respondent error.
CashNetUSA.com is one of America’s leading and licensed online lenders of cash advances and the top choice among consumers needing access to credit to manage financial emergencies. A trusted online provider of credit alternatives for hard-working people, CashNetUSA.com believes everyone deserves access to simple and trustworthy financial services and is working to close the credit gap for underserved customers.
Additional information may be found at www.cashnetusa.com | Twitter: @cashnetusa | YouTube: www.youtube.com/cashnetusa | Blog: http://www.cashnetusa.com/blog | Facebook: www.facebook.com/cashnetusa.
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Contact: Mike Gilhooly
Office: (312) 568-4230