As Americans still feel the pressure to live paycheck to paycheck, 25 percent of Americans consider themselves poor while 69 percent say they are not poor and 6 percent are unsure, according to a new survey by online lender CashNetUSA.com.
Thirty-two percent of respondents from North Central United States say they are poor, and 25 percent of those from the South, 23 percent of those from the West and 20 percent of those from the Northeast say the same. Another 32 percent of respondents under age 30 consider themselves poor as opposed to 14 percent of those ages 50 to 59.
Still, most respondents appear to strongly understand available funds and monthly expenses as 47 percent know the exact figures in their checking or savings accounts, 48 percent have a rough idea and 5 percent haven't a clue. These percentages are nearly identical among male and female respondents.
Thirty-six percent of respondents say they know the exact amount they spend on bills while 58 percent say they have a rough idea. Just 6 percent of respondents say they have no idea. Again, these answers are practically the same among male and female respondents.
Another 48 percent of respondents say they loosely follow monthly budgets, 25 percent of respondents report strictly following their budgets, and 27 percent of respondents say they don't have budgets. Among the factors impacting budgets are children, their geographic areas and age. Of those respondents making less than $30,000 per year, 36 percent follow budgets as opposed to 18 percent of those making at least $75,000.
“Americans are living in economic pain, which is impacting their credit scores and ability to access credit to manage their expenses,” says Keith Weinberger, director of marketing and new initiatives of CashNetUSA.com. “The survey found that those in financial trouble have a good handle on their monthly balances and know when they need help.”