Consumers are spending more than last year, but also worrying about insufficient savings accounts, according to a survey released today by the National Foundation for Credit Counseling (NFCC) and the Network Branded Prepaid Card Association.
The 2013 Financial Literacy Survey said that 57 percent of Americans indicated they are worried about a lack of savings. But more than a fourth of consumers indicated they are spending more than last year.
"This year's survey results provided somewhat of a mixed message," said Susan Keating, president and CEO of the NFCC, in a press release. "While consumers moving out of recession mode and becoming more comfortable with spending is positive for the nation's economy, they need to be mindful of the fact that increasing spending without a safety net in the form of savings could have a negative impact on their personal economy."
- More than a third - 38 percent - are concerned about retiring without enough money set aside.
- A total of 26 percent of U.S. adults, which translates to 61 million people, were worried about servicing their debt commitments.
- Eighteen percent, which translates to more than 42 million Americans, indicated fear of job loss as a major concern.
- A total of 40 percent of those surveyed gave themselves a grade of C, D, or F on their knowledge of personal finance.
For more survey information, click here.