Wilmington, DE (PRWEB) January 5, 2011
While the state of the economy and high unemployment are still top of mind for most Americans, it is the majority of the country’s young adults—not their parents—who are more optimistic and determined to improve their personal finances in 2011. The Chase Slate-U.S. News Consumer Monitor, released today by Chase Card Services, a division of JPMorgan Chase & Co. (NYSE: JPM), and U.S. News & World Report, found that young adults (ages 18-34) are most likely to want to save more and spend less money, pay down debts, and develop a budget in 2011 compared to others. In fact, while one in four Americans set a personal financial goal as their main New Year’s resolution, four in five Americans – including 98% of Americans aged 18-34 – indicated they will try to save more money and three in five will try to develop a budget in 2011.
“The New Year is an ideal time to re-evaluate your personal finances, and most young adults are clearly committed to actively managing their financial situation,” said Tom O’Donnell, general manager, Chase Card Services. “However, having more tools is important for this age group to manage their personal finances better: 65 percent indicated they wanted more resources, compared to 45 percent for the general population.”
The Chase Slate-U.S. News Consumer Monitor, Chase’s second-annual New Year survey, was fielded by Ipsos Public Affairs and surveyed 1,000 adults nationwide about their personal finance goals and general economic outlook entering 2011.
With Plans in Place, Younger Adults Feel More Optimistic Than Others
The Consumer Monitor found that 61 percent of Americans approaching the New Year are more optimistic heading into 2011 than they were last year, and slightly more than half of all Americans have little to no anxiety about the new year. Among 18-34 year olds, 70 percent are more optimistic than last year – significantly more than any other age group surveyed.
As the New Year approaches, are you more optimistic about 2011 than you were a year ago when looking forward to 2010?
Yes, More Optimistic: Total (61%), 18-34 (70%), 35-44 (55%), 45-54 (56%), 55-64 (57%), 65+ (57%)
When asked to make a personal financial resolution for 2011, young adults were twice as likely to want to save money as their parents and grandparents and significantly more likely to want to better manage their finances than older segments of the population. In addition, the survey found that planning translates into confidence – 18-34 year olds are also more likely to believe that both the economy and their personal finances are getting better than other age groups.
If you had to make a resolution about your personal financial situation, what would it be?
18-34 (54%), 35-44 (45%), 45-54 (41%), 55-64 (27%), 65+ (23%)
Manage Finances Better
18-34 (36%), 35-44 (17%), 45-54 (27%), 55-64 (21%), 65+ (23%)
In addition, young adults are at the forefront of setting financial goals. They are more than three times more likely to use an online program to budget their money than seniors (ages 65+) and more likely to make a New Year’s resolution than all older segments.
Top Resolutions for Consumers – and America – in 2011
For those Americans who see 2011 as an opportunity to turn over a new leaf, better managing their personal finances rates among the top resolutions, with financial goals set by one in four Americans for 2011. In addition, whether or not consumers are making resolutions for the New Year, a large majority of all Americans would opt to manage their finances differently in the New Year. When asked to reflect upon 2010, nearly seven in 10 Americans can identify one financial behavior they would change this year. To help achieve these goals, three in four Americans expressed interest in features that can help them manage their personal finances better.
When thinking about your personal finances in 2010, which of the following will you try to do differently in 2011? Will you try to…?
Save More Money: Yes (81%), No (16%)
Spend Less: Yes (73%), No (24%)
Pay Down Debts: Yes (60%), No (20%)
Develop a Personal or Family Budget: Yes (59%), No (31%)
In addition, the Chase Slate-U.S. News Consumer Monitor found that, regardless of their own leaf-turning plans, Americans aren’t shy about giving their country a New Year’s resolution in 2011:
What New Year’s resolution should the United States of America make for 2011?
Fix Finances/Reduce Debt/Balance the Budget: 32%
Create Jobs/Reduce Unemployment: 23%
Reduce/End Involvement in Iraq/Afghanistan: 12%
Reduce Poverty/Help Those in Need: 9%
Bring Peace to the World/Middle East: 8%
About Chase Slate with Blueprint
Chase Slate includes Blueprint, an innovative set of financial management features that helps customers design plans to save on interest and pay down balances faster. With Slate with Blueprint, customers can take greater control of their finances and make real progress every day. Save Money: Slate’s Blueprint features help customers manage spending and borrowing—on their terms. Blueprint is easy to set up, customizable, simple to use and free with a Slate card. Save Time: Slate with Blueprint not only saves customers money, it saves them time. Customers can choose from a range of free online and mobile features that let them manage their account when and where they want. Stay Secure: Slate customers are covered. Slate with Blueprint comes standard with Chase's patented Fraud Protection and security features, which means around-the-clock protection for customer accounts. To learn more, visit http://www.chaseslate.com.
Chase Slate-U.S. News Monitor Methodology
Ipsos conducted the poll by telephone from December 1-5, 2010 on behalf of Chase Card Services & U.S. News & World Report, among a nationally representative, randomly selected sample of exactly 1,000 adults aged 18 and older across the United States. With a sample of this size, the results are considered accurate within 3 percentage points, 19 times out of 20, of what they would have been had the entire adult population in the U.S. been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error. These data were weighted to ensure that the sample's composition reflects that of the actual U.S. population according to U.S. Census figures. Respondents had the option to be interviewed in English or Spanish.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at http://www.jpmorganchase.com.
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