Consumer Insights on Managing Spending
Author:
Topic: Credit & Debt, Financial literacy
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: February 28, 2017
Topic: Credit & Debt, Financial literacy
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: February 28, 2017
The CFPB conducted research on consumer challenges in tracking spending and keeping to a budget. The research found that consumers aspire to manage their spending but for many reasons, many consumers spend more than intended and sometimes have\ difficulty in staying within their budgets. In addition, we found that although most people would like to use budgets and plans, they often don’t use them to guide spending decisions in the moment.
Budgeting and tracking spending are often considered to be overwhelming or too much of a hassle, and even those consumers who have a budget generally do not benchmark their spending to their budget frequently or regularly.
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