Americans do not have a lot of hope for our economy, according to a survey conducted by Chase Card Services, but they are feeling better about their financial management skills.
Sixty percent of Americans are not feeling too good about the future of our economy, in fact they believe it is getting worse. This finding explains Chase Card Services’ other finding; 85 percent are confident about their relationship with finances including spending and borrowing habits.
2011 Chase Blueprint-Consumer Action Pulse of the Consumer Survey
Here are some other findings by the Chase’s survey (NYSE: JPM):
- 66% are optimistic about their spending habits
- 29% are overwhelmed
- 22% are stressed
- 87% have put some thought into planning their spending and borrowing each month
- 71% have the same spending habits
- 37% would spend more time managing personal finances if it were easier
This survey was conducted by telephone poll and surveyed 1,016 adults of a nationally representative sample.
What Does This Mean For the Economy
One of the largest problems in our economy is a weak consumer confidence. Consumer spending accounts for 70% of what we need to get the economy up and running once more. The fact that such a large majority of respondents have an increased confidence in their finances needs to be paired with a similar sentiment for U.S. commerce.
With Wall Street Protest raging through the country and the news, it is no wonder American’s are down on the economy. Although this survey was conducted a month before the official start date of Occupy Wall Street, it is our guess the constant bashing and examples of how Wall Street and our government short is bound to leave a bad taste in consumers mouths.