August 14, 2013
In The New Campus Ethos: Work and Pay, I shared the results of a recent Citi/Seventeen survey about how today’s college students are not only working during the school year, but footing the bill for more of their college-related expenses and keeping tabs on their spending using a budget.
Not surprising, when discussing these findings with reporters and bloggers, the #1 follow-up question was what did this tell us about the financial health of the “Bank of Mom and Dad.” That’s not something we explored as part of our survey with Seventeen magazine, but the recently released Citi Economic Pulse survey offers some clues.
Like those in college, more adult Americans are setting and tracking their expenses using a budget. More than half – around 60% – are paying off their credit card balances each month and are setting some money aside for emergencies and savings.
About half report using online bill pay services to avoid missing payments and incurring late fees. When they spend, 2 out of 5 are maximizing rewards from their credit cards and one-quarter report using online coupons from websites to stretch their hard-earned dollars.
Despite lingering headwinds on the job front, the overwhelming majority of adults – 77% – are optimistic about their financial futures. In fact, sentiment about current and future economic conditions reached positive territory for the first time since we started the poll in 2009.
When it comes to priorities for the coming year, saving more, earning more, and less debt are at the top of the list. Also top of mind: learning more about ways to save for retirement and about investing.
How well are you doing on these aspects of managing your finances? And, what is most important to you for moving your family’s financial life forward?
Posted by:Linda Descano