There may need to be some financial strategy adjustments from Americans in order to improve their budgeting and money management. Some individuals may already be looking to take these measures in the next couple months.
A total of 52 percent of Americans said they were less likely to make a savings strategy or investment during the next six months, notably lower than the 58 percent recorded in December, a report from The Harris Poll explained. Nearly 60 percent of those polled felt that they would cut down on their restaurant spending during the period, which was four percentage points higher than the previous poll.
Entertainment spending also should be cut in the next several weeks, with 54 percent noting that they would like to do this, the report showed. This was two percentage points lower than before. Another 34 percent felt that they will spend money for things they desire, which was four percentage points lower than the previous time it was asked.
Both men and women are looking to improve their savings levels this year. According to the report, 49 percent of women noted their intention to save or invest further in the next six months, while 55 percent of men said the same.
Young Americans attempt to improve financial standing
While many adults are looking to strengthen their finances, some of those who just joined the workforce are also valuing stronger personal finance strategies. According to a report from Northwestern Mutual, nearly 70 percent of younger people felt that they can do more to manage their money in a better manner. Another 30 percent noted that their financial strategizing focuses on a patent approach.
More than 60 percent of millennials explained that they have a good level of financial discipline, the report showed. Just 54 percent of those aged 60 and older said the same thing.
“While not quite putting money in the mattress, Gen Y definitely takes a more retro approach to how they handle their finances,” said Greg Oberland, executive vice president at Northwestern Mutual. “I’m guessing they’re making a lot of grandparents very proud.”
Despite the positive views toward personal finance, some young people who are looking to improve their situation are confused about some aspects of money management. The report added that nearly 30 percent were unsure of where to go to get financial advice.