2009 Survey of Financial Values and Debt
The 2009 Survey of Financial Values and Debt, sponsored by Securian Financial Group, shows that saving for emergencies is among Americans’ top financial priorities. And while respondents have found many ways to spend less, they are not reducing their debt. Here are more highlights from the research.
| Distribution | ||
|---|---|---|
| Generation Y | (born 1981 – 1987) | 176 |
| Generation X | (born 1965 – 1980) | 303 |
| Baby Boomers | (born 1946 – 1964) | 415 |
| Silent Generation | (born 1934 – 1945) | 310 |
| Total surveyed | 1,204 |
|
Key findings
- Respondents of all ages are now (12%) more likely than they were in 2007 (9%) to say that saving for emergencies is their most important financial goal.
- Consumers are significantly less likely to take on debt to buy cars (-6%), gifts (-7%), home improvements (-4%), vacations (-6%) or meals out (-5%).
- 81% of respondents are proud of the ways they have cut spending.
- The percentage of respondents who view debt as a normal part of their lifestyles declined from 23% in 2007 to 18% this year; among Baby Boomers the percentage dropped nine points.
- Generation Y (61%) and the Silent Generation (59%) are significantly more likely than Generation X (47%) or Baby Boomers (47%) to say that debt should be avoided if possible.
- Although respondents expressed more cautious attitudes toward debt, the overall dollar amount of debt is virtually unchanged since 2007, and eight out of 10 respondents are carrying non-mortgage debt. The exception is Baby Boomers, who have added debt since 2007.
- Less than one quarter (22%) of survey respondents applied for non-mortgage credit in the last 12 months; of those who did, 42% were denied.
- Those who claimed to have paid down more debt than they added dropped five points from 2007 (40%) to this year (35%).
- 55% are contributing as much to their retirement savings as they did in 2007; 27% are contributing more and 17% are contributing less.
Consumers cut back
Consumers are less likely to spend as much as they did a year ago. Here are the top 15 ways respondents to Securian’s Survey of Financial Values and Debt are cutting back or trying to raise cash during the downturn:
| 15. | Pawning items | 5% |
| 14. | Trading to obtain goods, instead of buying | 13% |
| 13. | Borrowing or sharing items, rather than buying | 20% |
| 12. | Selling items online or in yard sales | 20% |
| 11. | Entertaining less at home | 26% |
| 10. | Delaying routine services | 26% |
| 9. | Buying second-hand items | 28% |
| 8. | Buying less brewed coffee and tea | 29% |
| 7. | Mending or reusing items instead of discarding them | 41% |
| 6. | Traveling less and taking fewer vacations | 51% |
| 5. | Generating additional income | 53% |
| 4. | Buying less new clothing | 58% |
| 3. | Dining out less often | 62% |
| 2. | Saving on fuel for home and car | 64% |
| 1. | Finding ways to save on groceries | 68% |
Securian Financial Group helps provide financial security for individuals and businesses in the form of insurance, retirement products and services, and investments. Affiliates include Minnesota Life Insurance Co., Advantus Capital Management, and Allied Solutions, LLC. Securian has nearly $780 billion of life insurance in force, $24 billion in assets under management as of March 30, 2009 and a nationwide work force of 3,500 employees. Securian serves more than 9,000,000 individuals in the U.S.
Editor's Note: For a full copy of the survey or to request interviews with Kerry Geurkink or Mathew Greenwald, contact Group Leaf Public Relations at 715-381-0123 or cathy_leaf@groupleaf.com.
Contact
Group Leaf Public Relations
cathy_leaf@groupleaf.com
715-381-0123