Consumers are Confident about Money in 2014
More people feel good about their financial situation and plan on taking advantage of it.
It’s a new year, and consumers have a new outlook on money. A recent retail survey revealed that almost 7 out of 10 people expect to make more money, save more money – and spend it on the things they need.
RetailMeNot, the nation’s largest digital coupon site, surveyed more than 1,000 Americans aged 18 and older. These results include these observations:
- More than 6 in 10 used credit cards (both non-store and store-specific credit cards) to pay for their winter holiday gifts.
- Nearly 2 in 10 married individuals carried $500 or more in debt into 2014.
- Almost 4 in 10 people describe themselves as spenders, not savers.
- Of those planning to shop online in 2014, 87 percent plan to shop the same amount or more, with over a quarter planning to shop more.
- Nearly 8 in 10 parents used cash to pay for their gifts as opposed to 59 percent of those without children. 7 in 10 parents also used debit cards to pay for gifts versus 49 percent of non-parents.
- 67 percent of consumers surveyed (and 72 percent of women) said that they wanted retailers to offer more discounts in 2014 than they did in 2013.
- 90 percent surveyed planned to use their desktop computer to go shopping in 2014 versus 53 percent who planned to use a smartphone and 47 percent a tablet.
Just be careful about feeling too warm and fuzzy about your finances. It’s great that people are feeling more secure about their financial future, but that feeling of security can lead to unnecessary spending. Remember to stick to your budget and don’t use your credit card unless you have the money to pay off the credit card debt at end of the month.”
If optimism has gotten you into trouble with debt, Consolidated Credit offers resources to help you reduce your debt so you can regain control. And if you have a smartphone or tablet that you’re planning to use to shop this year, also consider downloading our Free Budgeting App to make sure you stay solvent.