Can’t sleep? It could be money matters keeping you up at night.
A new United States study byIntuit Inc. (Nasdaq: INTU) andQuicken
makers of the leading personal finance management software, reveals that
many Americans are stressed over personal finances – or lack thereof. Of
52 percent in the workforce fear being unable to retire by age 65.
One in three admits to losing sleep over money woes.
Nearly 20 percent hide their debt from others.
15 percent avoid opening bills because they know they won’t be able to
Knowledge Brings Peace of Mind
The study also revealed that 72 percent of those surveyed are less
stressed when they know where their money is going. Yet four out of five
said they don’t use a personal financial management software program.
“Finding the money to pay bills, prepare for emergencies and look toward
retirement may seem impossible, but knowing where your money is going is
the first step to successful money management,” said Kristen Dillard,
Quicken personal finance advocate. “We want to make it easy for people
to make smart financial decisions so they can achieve financial peace of
The study also explored three leading causes of financial stress: credit
card debt, unexpected emergencies and retirement.
Conquering Credit Card Mountain
Of those with credit card debt, one in five see their debt increasing.
43 percent are not paying down debt, owing as much as last year. As a
result, many delay or postpone purchases or activities simply to stay
afloat. A total of 24 percent said they skip vacations.
“The survey data clearly shows the burden of digging out of credit card
debt prevents people from living how they want,” said Dillard. “Getting
a quick and easy – and accurate – picture of spending frees them from
stress, and helps them make better-informed decisions to get out of debt
and plan for the life they want.”
Many people realize they need to get a handle on their money, yet few
work toward that goal:
Nearly one in three admit to spending more money than they have,
digging deeper into credit card debt.
31 percent pay bills with a credit card, because they don’t have money
22 percent overdraft their bank accounts at least once a year.
23 percent spent more than they made last year.
16 percent rack up fees, such as late payment charges on credit card
bills. One in four pays late each month.
Expecting the Unexpected
More than half of those surveyed said they know they should save more,
but more than one-third are not financially prepared for an emergency.
“Unplanned expenses can often throw people financially off track,” said
Dillard. “So creating a three- to six-month emergency fund can end up
saving significant money. It also lifts the psychological burden when
people know they’re prepared for the unexpected.”
Leaving Empty Nesters With an Empty Nest Egg
The survey found that most Americans are not saving sufficiently for
retirement. Among people still working, more than half do not expect to
be able to retire by the age of 65. Of those, 40 percent say it’s
because of a lack of funds and an inability to save. Perhaps even more
surprising, more than one quarter of people surveyed have no retirement
savings at all.
"Quicken helps me manage what I’m doing with my finances,” said James
Esposito, a Quicken user from Miami, currently saving for retirement. “I
cannot control the economy, but I can manage what I’m doing. Knowing
where I stand really empowers me to do just that.”
Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting
professionals. Its flagship products and services, including
QuickBooks®, Quicken® and TurboTax®, simplify small business management
and payroll processing, personal finance, and tax preparation and
filing. ProSeries® and Lacerte® are Intuit's leading tax preparation
offerings for professional accountants. Intuit Financial Services helps
banks and credit unions grow by providing on-demand solutions and
services that make it easier for consumers and businesses to manage
Founded in 1983, Intuit had annual revenue of $4.15 billion in its
fiscal year 2012. The company has approximately 8,000 employees with
major offices in the United States, Canada, the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks
and/or registered service marks of Intuit Inc. in the United States and
About the survey
Findings are from an Ipsos Observer poll conducted between Sept. 11-19
on behalf of Quicken. For this survey, a sample of 1,015 Americans from
Ipsos’ American online panel was interviewed online. Weighting was
then employed to balance demographics to ensure that the sample's
composition reflects that of the adult population according to census
data and to provide results intended to approximate the sample universe.