Saving and Spending Survey: Financial Health and Daily Decision-Making
BECU surveyed 1,000 consumers to discover the relationship between financial health and daily decision-making on saving and spending.
According to the BECU Saving and Spending Survey, 77% of Americans are comfortable talking with their family and friends about money. Relationships, social media, cultural norms and life moments impact money decisions, big and small. In the survey, we looked at the habits and motivations behind 1,000 consumers' choices to save or spend, as well as how those factors correlate to a person's overall financial health.
Here's a quick summary of what we found:
How satisfied are you with your finances?
Only 46% of people are satisfied with their finances. People who are confident in their finances tend to be more focused on long-term savings, often prioritizing financial freedom and retirement. Those who aren't satisfied are short-term focused, motivated to pay off debts and save for vacations.
How often do you ‘treat yourself'?
80% of Americans have some level of debt – credit cards, short-term loans, mortgages, etc. Despite debt, many people still spend a fair amount of money each week on non-essential items, such as eating out, streaming services and more. Surprisingly, people with debt tend to spend more money on luxuries than those without debt.
These spending habits are driven by both internal and external pressures. The no. 1 reason for Americans overspending is to reward themselves, with 40% engaging in a “treat yourself” mentality.
You can read the full results of the survey here.