Financial Concerns
"Although many more Americans say they are saving regularly than is the conventional wisdom, consumers' greatest worry is not having enough money for retirement, with 42 percent of all consumers voicing this concern," said Ty Taylor, president of Experian Consumer Direct.
Additional noteworthy survey results on consumer financial concerns include:
* 38 percent are concerned about not being able to pay medical costs associated with a serious illness
* 28 percent fear not being able to pay the medical costs for normal health care
* 28 percent worry about not being able to maintain the standard of living they enjoy
* 21 percent are concerned about not having enough money to pay their monthly bills
* 16 percent are worried about not being able to pay their rent, mortgage or other housing costs
* 13 percent worry about not being able to make minimum payments on their credit cards
Credit Card Usage
According to the survey, in general, women are less likely than men to say they pay off the full amount each month (34 percent versus 41 percent). Also, those who do not save regularly are significantly less likely than their male counterparts to report they pay the full amount on their credit cards each month (18 percent versus 47 percent).
Additional survey findings on consumer credit card usage include:
* 37 percent say they generally pay the full amount of their credit card bill(s) each month.
* 13 percent say they usually pay the full amount but not always
* 24 percent say they pay as much as they can but usually leave a balance
* 11 percent report that they usually pay the minimum but not much more
* 13 percent said they did not have any credit cards
Quality of Life
According to the survey, three in four consumers (76 percent) feel they have enough money to live comfortably right now. Among those having incomes of $75,000 or more, 91 percent believe they have enough money right now to live comfortably, while only 61 percent of those having incomes less than $40,000 annually feel they have enough money to live comfortably. Similarly, 88 percent of those who have graduated college feel they have enough money to live comfortably, compared with 69 percent of those with a high school education or less.
Spending Habits
A majority (54 percent) of consumers feel this is a bad time to spend money, as opposed to 42 percent who feel they are in a good position to buy some things they would like to have. However, how consumers feel about spending money is highly related to income. For example:
* Only 26 percent of those making less than $40,000 annually feel they are in a good position to buy, while 71 percent feel they are not
* In sharp contrast, 60 percent of those making $75,000 or more feel they are well-positioned to spend, while only 38 percent of these consumers feel they are not in a good position to buy
* Among those making $40,000 but less than $75,000, 44 percent feel they are in a good position to spend, while 53 percent feel they are not
Personal Credit Index
Consumer perceptions of the credit markets fell sharply in March, according to the Personal Credit Index as it plunged 15 points from 105 in January and 105 in February to 90 in March. This is the lowest level for the Personal Credit Index since November of last year, when it stood at 83.
"One of the key benefits of the Personal Credit Index is the window it provides on how consumers perceive the credit markets," said Dennis Jacobe, chief economist for The Gallup Organization. "If regulators and the banks they regulate are beginning to pull back on the very easy availability of consumer credit that has existed during recent years, then something of an unusual consumer credit crunch could take place. In fact, the sharp drop in the Personal Credit Index for March may be signaling that the start of such a consumer credit crunch is already under way."
