New Jersey Residents Struggle to Save Despite Optimism about Financial Situation

Posted by Marissa Anema Tuesday, February 19, 2013 11:12:00 AM

 

NORTHBROOK, Ill. – Just half (50 percent) of Americans say they have enough money left over at the end of the month after paying for essentials according to the new, second installment of Allstate Financial’s “Life Tracks” poll. In New Jersey, that number is even lower.

“Only 44 percent of New Jersey residents say they have enough money left over at the end of the month after paying for essentials, and also, about half of New Jerseyans are living paycheck to paycheck,” according to Allstate New Jersey spokesman Danny Jovic.

He points out, even though these numbers indicate a fair degree of fiscal instability, when N.J. residents were asked how they would rate their financial situation, more than half (56%) of them said it was excellent or good, which is higher than the national average of 50%.

Jovic points out the survey also finds, “New Jerseyans spend 16 hours a week watching TV and surfing the Web, but only one hour paying bills and managing their finances.”

What’s surprising is the poll also finds more than 4 out of 5 Jersey residents (86%) express confidence in their own ability to manage their personal finances, even though so many folks are struggling financially.

He also point out the survey finds 88% of respondents are making some kind of a debt payment, which would include credit cards, mortgages, car payments and student loans.

For the full release from Allstate Financial, which includes more national statistics, click here

Comments

Comments are closed on this post.