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Survey: 20% of Americans say they ‘don’t follow a monthly budget’

Instead of freaking out about spending, let's sit down and get organized.

mikroman6/ Getty Images
mikroman6/ Getty Images

By Jane Burnett

Research has found that 31% of Americans have at least six months’ worth of money put aside for emergencies, but recent data from Comet Financial Intelligence shows that 20% don’t use a budget to keep track of their money over the course of a month and 23% don’t even have a savings account.

Relying on “self-reported data,” Comet surveyed 1,002 people using Amazon’s Mechanical Turk.

These are the areas where people fall short with their money

While 67% of people surveyed say they haven’t been to “a financial seminar or program,” just under one-quarter of them say they don’t have a financial savings account.

Many people also don’t seem to have a clue about what it’s like to be a financial advisor.

The 10 things that freak people out the most when it comes to money

The most popular worry is putting money away for retirement at 63.4%, while the least popular one is “frivolous spending” at 16.3%. Being able to go on a major trip is also a concern for people surveyed.

What you do with your money is ultimately your choice, but act wisely — how you use it can have a huge impact on your quality of life.

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Originally published at www.theladders.com

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