Financial Literacy 2007 - Budgeting
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Women and Westerners believe in budgets

This national random-digit-dialed phone study of 1,014 adults 18 or older was conducted for Bankrate by GfK Roper Public Affairs & Media. The surveys were conducted from Dec. 26 through Dec. 30, 2006. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households. Results based on the entire sample of 1,014 adults are projectable to the entire adult population in the United States, with a sampling error of plus or minus 3 percentage points. Results based on subgroups have a larger sampling error.

Are men and women so different?
The sexes agree that budgeting is important for achieving financial goals.

Source: Bankrate.com 2007

Western budgeting grit

Although Westerners are convinced of the importance of budgeting, just 66 percent say they do an excellent or good job at sticking to their budgets, while the rest of the country stands at 77 percent. Either Westerners are worse at living within a budget, or they grade themselves more harshly.

After asking if budgeting is important, pollsters asked respondents if they have a personal or family budget. Age made the biggest difference here, where 84 percent of those age 35-44 say they have a monthly budget, compared to 64 percent of those age 65 plus.

Who follows through?
10 percent more women say they're doing an excellent or good job following their budgets.

Source: Bankrate.com 2007

Among those who say they have worked out a monthly budget, women are more likely to say they are successful at sticking to it. Eighty percent of women say they do an excellent or good job at living within their household budget, compared to 69 percent of men who responded that way.

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Lower-income Americans are less likely to say they stick to their budgets. Of people making less than $25,000 a year, 60 percent say they do an excellent or good job at living within the budget they have prepared, compared to 78 percent of those making $25,000 or more.

 

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