Springboard Encourages Consumers to Commit to a Saving and Spending Plan in Response to a National Survey that Exposes Worry Over Retirement Savings

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Results Reveal Americans are Overly Confident When It Comes to Personal Financial Knowledge, Yet Unprepared for the Future

Results of a national survey show 60 percent of consumers continue to spend without a budget.

Today is the perfect time for consumers to take ownership of their financial future by making necessary lifestyle changes.

A national survey revealed that 70 percent of Americans are currently worried about their personal finances. Their concerns may be justified – 60 percent continue to spend without a budget. The survey also found a lack of retirement savings is what worries many Americans today. While 57 percent of Americans are saving for their retirement and 66 percent maintain non-retirement savings, one in four (28 percent) are worried that they do not have enough savings.

Results of the 2015 Financial Literacy Survey conducted on behalf of the National Foundation for Credit Counseling (NFCC) and NerdWallet, a personal finance website, provides a look at the American consumer’s level of knowledge as it relates to financial literacy, as well as trends associated with personal financial behavior. This Infographic highlights some of the key findings from this year's Financial Literacy Survey.

In the survey, 92 percent of Americans said they were very or somewhat confident in their most recent big financial decision (e.g., picking a credit card, buying a car, refinancing a mortgage). As many as 59 percent of consumers said they deserve an “A” or “B” when it comes to their own personal financial knowledge. Overall, three in four (75 percent) agree that they would benefit from advice and answers to everyday financial questions from a professional. Realizing the need for help is a start, but taking action is what will make the difference.

“Today is the perfect time for consumers to take ownership of their financial future by making necessary lifestyle changes,” said Melinda Opperman, Springboard’s senior vice president.

Springboard encourages consumers to commit to the following four S.A.V.E. actions:

S.     Saving and spending plan development, it’s all about cash flow. The number one budget buster is not having any money set aside for emergencies. Many consumers have trouble saving money simply because the money is readily available in their checking/debit account. Explore options with direct deposit of a portion of a paycheck to include a savings account, most employers will make a split deposit. Also, consumers should ask their financial institution about opening a savings account, often maintenance fees for their checking/debit account are waived for automated savings.

A.    AnnualCreditReport.com, obtain an up-to-date credit report annually from the three major credit bureaus at: http://www.annualcreditreport.com and review it for accuracy. Bad credit costs money, consumers pay more for loan and credit cards, and have to settle for high interest rates.

V.     Visualize oneself as an older version of oneself, this is often the encouragement people need to spur the enrollment or increase contribution in their company retirement plan. Consumers working for a company that doesn’t offer a plan may be eligible to contribute $5,500 ($6,500 if age 50 or older) to a Traditional IRA.

E.     Enroll reoccurring bills in automatic bill pay or set up automatic bill pay through a financial institution, this is the most surefire way to avoid late fees.

For more smart tips and creating a successful spending plan consumers can benefit by speaking with a Springboard certified financial counselor.

About Springboard Nonprofit Consumer Credit Management, Inc.
SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974 with the mission of improving the financial well-being of individuals and families. Springboard is a U.S. Department of Housing and Urban Development-approved housing counseling agency and a member of the Association of Independent Consumer Credit Counseling Agencies and the National Foundation for Credit Counseling, the nation’s longest serving nonprofit financial counseling organization. Springboard is also a proud member of the Hope Now Alliance, a cooperative effort between the U.S. government and mortgage market participants to help struggling homeowners. Springboard offers personal financial education and assistance in credit counseling, housing counseling, reverse mortgage, debt and money management, pre-bankruptcy counseling and debtor education through educational programs and confidential coaching. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. Counseling is available by telephone nationwide or in-person at office locations in California, Arizona, Nevada, New Mexico, Texas, Massachusetts, South Carolina, Florida and Maryland. For more information on Springboard, please call 800-449-9818 or visit their web site at http://www.Springboard.org.

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