A slim plurality of Americans rate their overall level of financial security as either excellent or good (49%) versus those rate who rate their financial security as fair or poor (46%), according to a survey in partnership with COUNTRY Financial. These total numbers remain unchanged from the measurement dating back to November 2017.
As American age, their rating of their financial security improves: Ages 50 to 64 (54% rate excellent or good); age 65 and older (69% rate excellent or good). Younger Americans are less likely to rate their financial security as excellent or good (ages 18 to 34: 40%)
Nearly nine in 10 Americans (88%) report they are spending weekly on things they want but don’t absolutely need. About two in three (63%) are spending $50 dollars a week or less on the “wants” and one-quarter (24%) are spending more than $50 a week on the “wants.” Four in ten Americans (40%) admit that they have tapped into their savings to pay for something that they really want, but didn’t absolutely need.
While most Americans choose savings over experiences (66%), for one-third (33%) of Americans, spending on an experience has taken priority over achieving some larger financial goals, including saving for retirement (12%), using the money for other financial investments (10%), or paying off student debt (5%).
Notably, this behavior is more likely to be taken by someone ages 35 to 49 on all choices than other age group, followed by younger adults ages 18 to 34. Twenty-four percent (24%) say they have simply delayed adding money to their savings account so they could have an experience instead.
However, asked what they might do with the money if they were given $1,000, one-third (32%) say they would drop the money into a retirement or savings account and another one-third (32%) would pay down debt.The survey was conducted May 11 through May 13, 2018, among 1,003 adult Americans, ages 18 and older.