- Two-fifths of respondents said they are saving more today than they did during the recession.
- Among the roughly quarter of consumers who say their financial health has improved since the recession, approximately 60 percent pay their credit card balance in full nearly every month. That is up significantly from 2008, when 43 percent paid their balance in full.
- Fifty-five percent consider themselves to be financially literate today, a 14 percent increase from 2010.
- Forty percent used tools provided by their financial institution or talked with their financial institution to help them manage their finances.
- However, among consumers whose financial health declined post-recession, one in three say they consider themselves financially illiterate.
- In contrast, only 12 percent of consumers whose financial health improved or stayed the same said they were financially illiterate.
Generational DifferencesThe survey also showed that younger consumers were disproportionally impacted by the recession, both positively and negatively.
- Nearly 40 percent of Gen Yers’ financial health has improved since the recession, but approximately a quarter of this same group has seen a decline in their financial health during the same time period.
- Among Gen Xers, half have seen no change in their financial health, 28 percent have seen an improvement and 22 percent have suffered a decline.
- Older generations reported more stability, with 50 percent of Gen Xers, 60 percent of Baby Boomers and 75 percent of seniors saying their financial health hasn’t changed since the recession.