Would You Rather? Americans Share Waist Size Over Wallet Size
April 16, 2013
COUNTRY Survey: Are Good Savings Habits Americans’ Best Kept Secret?
Bloomington, Ill., April 16, 2013 – What tidbit of personal information would you rather divulge to a coworker – your waist size or wallet size? According to the latest COUNTRY Financial Security Index® survey, most Americans (63 percent) would rather share their real weight. Just 23 percent say they would choose to disclose their checking account balance.
Men are more self-conscious about their wallet, while women are more skittish about sharing the number on the scale.
- Sixty-eight percent of men would rather tell their real weight, compared to 58 percent of women.
- That might be why men are also more likely to lie about their money. More men (22 percent) have lied about their income than women (18 percent).
Although Americans may be hesitant to talk about their finances, improving their financial situation is still on their minds.
- More than half (54 percent) say if they received a $1,000 bonus they would save it.
- Further, 77 percent would rather manage their budget than get a root canal.
“It’s part of our culture to be tight-lipped about our finances. While Americans may be treating their money like a secret, they’re still focused on saving,” says Joe Buhrmann, manager of financial security support at COUNTRY Financial. “Being honest with yourself about your finances is what’s important. A realistic budget is a good place to start – and Americans don’t seem to be afraid of taking that first step.”
Americans Reveal Financial Dirty Little Secrets
- One-in-five Americans (20 percent) admit they have lied to someone about their income.
- Ten percent say they have made purchases they can’t afford in order to be perceived as having a certain lifestyle.
- Perhaps this financial fibbing is why 33 percent admit they have been scared to check their bank statement.
Competing Priorities Challenge Gen Y
Some 18 to 29 year olds are feeling pressure to keep up appearances, which is causing them to stretch their paychecks.
- Twenty percent have made purchases they can’t afford to be perceived as having a certain lifestyle. That’s nine points higher than any other age group.
- Another 24 percent have lied to someone about their income, also the highest among all age groups.
But while more 18 to 29 years olds (14 percent) say they would spend a $1,000 bonus than other age groups, they are also the most likely to say they would save it (59 percent).
“With a tough job market and potentially higher amounts of student loan debt, younger Americans have plenty of financial hurdles to overcome,” adds Buhrmann. “It’s encouraging that a majority of 18 to 29 year olds are looking to save, not spend, since the financial habits you have at this age can last a lifetime.”
To access videos and infographics about the latest COUNTRY Index data, please visit www.countryfinancialsecurityblog.com . The next COUNTRY Financial Security Index survey will be released May 21, 2013.
The COUNTRY Financial Security Index®
Since 2007, the COUNTRY Financial Security Index has measured Americans’ sentiments of their personal financial security. The COUNTRY Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances. Survey data, videos and analysis are available at www.countryfinancialsecurityblog.com and on Twitter at @FinanceSecure .
The COUNTRY Index was created by COUNTRY Financial and is compiled by Rasmussen Reports, LLC , an independent research firm, based on a national telephone and online survey of at least 3,000 Americans.
The margin of sampling error for a survey based on this many interviews is approximately +/- 2 percentage points with a 95 percent level of confidence.
COUNTRY Financial (http://www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a full range of financial products and services from auto, home and life insurance to retirement planning services, investment management and annuities.