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Data & Research December 12, 2012
Americans Report Bad Financial Habits
Americans
admit they are guilty of some bad financial habits, with not saving topping the
list.
Reported by Rebecca Moore
Nearly one-third (30%) of people surveyed by Allianz Life said “not saving any money” was their worst financial habit in 2012. Twenty-four percent said they saved some money, but admitted they did not save as much as they could.
Aside from saving in general, 5% of survey respondents indicated they did not contribute to their employer-sponsored retirement plan. Three percent said their worst financial habit was “contributing to my employer-sponsored retirement plan, but not taking full advantage of my employer match.”
Other worst financial habits of 2012 cited by respondents included:
- Spend too much money on things I don’t need – 30%;
- Don’t have a household budget – 18%;
- Spend more than I make – 18%;
- Don’t educate myself about financial planning – 15%;
- Pay bills late – 12%;
- Only make the minimum payment on credit cards – 10%;
- Play the lottery/gamble – 9%; and
- Don’t seek professional help with my finances – 9%.
Allianz Life Insurance Company of North America conducted the 2012 Bad Financial Habits Survey, an eNation online survey, through Ipsos in November with 1,000 panel respondents.