We peered into the spending and saving habits of Americans, looking at statistics around student loan debt, auto loans, the effect of our impulses and what millennials are doing differently. Jennifer McDermott from Finder.com, has joined us to share their analysis of finance related issues and trends impacting the everyday American. CHA-CHING!
The shocking numbers behind debt regret.
How people feel about their college degrees.
Statistics around the growth of student loan debt.
How bad our impulsive purchases are costing us money.
How to recognize and control your spending habits.
The names of people that are least likely to pay back their debt.
Frugal Tip of The Week: How to have a frugal Christmas.
Tune In Now!
2FD 055: The Spending and Saving Habits of Americans Sean Merron
We know how important community is to help each other even further outside of what we have time for on the podcast, after all, that’s how this podcast started, from Sean and Kevin talking about their money when they met at a user group. Join your fellow cashmates in the never ending school of personal finance: REQUEST AN INVITE. We all accept you for where you are and want to help you get to where you want to be, faster!
The Cheat Sheet!
48% of people plan to shop on Black Friday.
45% of people regret purchases they make.
Americans carry around a lot of regret in their housing decisions, student loans and credit card debt.
Millennials are more likely to embrace technology for their money and pull out mobile phones instead of their wallets.
Millennials do care about retirement and 70% of them wish they had started earlier.
Student debt is now at $1.34 trillion, growing yearly by 6.75% and is a top debt regret that people are taking into their retirements.
2 in 5 Americans don’t see value in their college degree.
Calculate how long it would take to payoff student loan debt after looking at industry salaries before deciding to take on a student loan.
A new car could be cheaper in the long run but we’re seeing financing terms getting longer and longer to reduce payments for people, keeping them in debt.
95% of people are prone to impulse shopping.
You’re more prone to impulsive shopping in person than online.
Only 1 in 10 people feel pressured to make a purchase, with the most common reason people impulse shop coming from FOMO, Fear of Missing Out.
20% of people feel they don’t have the money to pay for a necessity after making an impulsive purchase.
10% of people get into a fight with their family after making an impulsive purchase.
Paying with a credit card reduces the emotional attachment to your money where paying with cash is psychologically harder to do.
Jennifer and Michael are the top names of people least likely to pay back their debt.
Recognize your own spending triggers so you can take action to manage them. Add micro-costs and controls to the places you’re more prone to spend money.
Frugal Tip of The Week: For Christmas this year maybe setup agreements to not exchange gifts with relatives and focus on the children or try to do a pollyanna. You could ask for gifts that provide experiences like museum and theme park passes instead of toys that lose their luster. Another cool theme is giving your kids something they want, something they need, something to wear and something to read.
Finder.com is a comparison website for anything from credit cards, shopping deals and coupons to help you make sound financial decisions.