NEW YORK, Jan. 16, 2013 /PRNewswire/ -- A recent Harris Poll captures American sentiments in the midst of the fiscal cliff battle, showing that even during this period U.S. adults were divided between hope that the economy would improve in the coming year (33%) and pessimism that it would get worse (36%).
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These are some of the results of The Harris Poll of 2,176 adults surveyed online between December 12 and 18, 2012 by Harris Interactive.
Perhaps more notably, fewer Americans than at any point since June 2010 were expecting the economy to remain the same (31%, down from 47% just one year prior). Additionally, the perception that the economy would get worse was at its highest point on record.
- Americans were sharply divided on this issue when examined through the lens of metropolitan status; those living in urban regions were far more likely to anticipate the economy improving (45%) than getting worse (24%) in 2013, while the opposite was true among those in rural areas (52% get worse, 23% improve). Suburban Americans were divided fairly evenly between expecting the economy to improve (32%), stay the same (35%) and get worse (34%).
However, while the fiscal cliff and other external factors might be concerning Americans, a strong majority still saw the weight of responsibility for their financial well-being as resting on their own shoulders, with the highest percentage by a considerable margin perceiving themselves as "Extremely" or "Very" responsible for how financially secure they will feel in 2013 (76%); also of note is that this perspective was consistent across both generational and gender lines. While the majority also indicated this across all metro statuses, it is worth noting that rural Americans (79%) were more likely to do so than those in urban areas (71%).
- Nearly half of Americans also indicated perceiving Congress (47%) and the President (45%) as responsible for their financial security.
- Perceived responsibility was higher among older Americans for both Congress (40% ages 18-35, 43% ages 36-47, 53% ages 48-66, 50% ages 67+) and the President (39%, 44%, 49% and 50%, respectively).
- Men were more likely than women to rate the President (49% and 42%, respectively) and Wall Street (33% and 27%, respectively) either "Extremely" or "Very" responsible.
- Perceived responsibility ratings for "Your employer" (33%), "Wall Street" (30%) and "Large corporations" (26%) were all down from 2008 findings (44%, 40% and 37%, respectively).
Ways and Means
Taking responsibility for their financial well-being is one thing – but what are Americans specifically willing to do in order to ensure their 2013 will find them in the black?
Nearly half (45%) anticipated cutting back on spending in 2013, four in ten (40%) anticipated paying down their level of debt and over one-third (37%) were planning on saving more in the year ahead. Overall, more than three-fourths (77%) of Americans indicated they would be making at least one change in 2013 in regards to their finances.
- In comparison to the prior December, financial plans for the coming year were largely stable, though there were small increases for "Save more for retirement" (16% 2011 vs. 20% 2012), "Undertake home improvements that increase the value of my home" (11% and 14%, respectively) and "Invest in less risky investments" (5% and 8%, respectively).
- However, when looking back as far as 2008, there were several major drops – these included "Cut back on my household spending" (55% 2008 vs. 45% 2012), "get rid of one or more credit cards" (24% and 17%, respectively), "Pay down my level of debt" (45% and 40%, respectively) and "Save more in the year ahead" (42% and 37%, respectively).
- The majority of planned financial changes for 2013 were stronger among those with children under 18 in their households than among those without.
But how likely are Americans to see their good intentions through? If past experience is anything to go by, quite! Among those Americans who indicated they had planned on taking the same series of financially responsible actions in 2012, "Planned on doing it in 2012 and did follow through" responses consistently outpaced "Planned on doing it in 2012 but did not follow through." Plans Americans showed the strongest likelihood to follow through on included:
- "Cut back on my household spending" (47% planned and followed through vs. 16% planned but did not, a 2.9:1 ratio),
- "Pay down my level of debt" (40%, 15% and 2.7:1, respectively) and
- "Invest in less risky investments" (11%, 4% and 2.8:1, respectively).
So What?
Perhaps the most important thing to take away from this snapshot of December 2012 sentiments is that Americans were largely keeping their heads, and making responsible plans and embracing an attitude of self-determinism. But now that the cliff has been averted, might these attitudes be changing? That is the question for retailers, banks, lawmakers as well as consumers.
TABLE 1a
EXPECTATIONS FOR THE ECONOMY IN THE COMING YEAR - TREND
"In the coming year, do you expect the economy to...?"
Base: All adults
2009 |
2010 |
2011 |
2012 |
|||||||||||
April |
May |
Aug |
Sept |
Oct |
May |
June |
Aug |
Sept |
Oct |
Nov |
Dec |
Dec |
Dec |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Improve |
39 |
38 |
46 |
40 |
34 |
38 |
30 |
29 |
28 |
30 |
34 |
29 |
23 |
33 |
Stay the same |
35 |
35 |
32 |
36 |
37 |
34 |
42 |
39 |
40 |
40 |
41 |
45 |
47 |
31 |
Get worse |
26 |
27 |
22 |
24 |
29 |
28 |
28 |
32 |
32 |
30 |
25 |
26 |
29 |
36 |
Note: Percentages may not add up exactly to 100% due to rounding
TABLE 1b
EXPECTATIONS FOR THE ECONOMY IN THE COMING YEAR
"In the coming year, do you expect the economy to...?"
Base: All adults
Total |
Generation |
Metro Status |
||||||
Echo (18-35) |
Gen. X (36-47) |
Baby (48-66) |
Matures (67+) |
Urban |
Suburban |
Rural |
||
% |
% |
% |
% |
% |
% |
% |
% |
|
Improve |
33 |
32 |
31 |
34 |
34 |
45 |
32 |
23 |
Stay the same |
31 |
42 |
32 |
25 |
25 |
31 |
35 |
25 |
Get worse |
36 |
26 |
37 |
41 |
41 |
24 |
34 |
52 |
Note: Percentages may not add up exactly to 100% due to rounding
TABLE 2a
GROUPS/INDIVIDUALS RESPONSIBLE FOR HOW FINANCIALLY SECURE YOU WILL FEEL IN 2013
[Summary of combined "Extremely responsible" and "Very responsible" ratings]
"How responsible do you think each of the following groups or individuals is for how financially secure you will feel in 2013?"
Base: All U.S. Adults
2012 Total |
Generation |
Gender |
Metro Status |
|||||||
Echo Boomers (18-35) |
Gen. X (36-47) |
Baby Boomers (48-66) |
Matures (67+) |
Males |
Females |
Urban |
Sub-urban |
Rural |
||
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Yourself |
76 |
73 |
78 |
77 |
78 |
76 |
77 |
71 |
77 |
79 |
Congress |
47 |
40 |
43 |
53 |
50 |
48 |
45 |
40 |
48 |
51 |
The president |
45 |
39 |
44 |
49 |
50 |
49 |
42 |
44 |
44 |
49 |
Your family |
38 |
40 |
45 |
35 |
35 |
36 |
40 |
34 |
40 |
39 |
State government |
37 |
35 |
34 |
41 |
34 |
38 |
35 |
35 |
37 |
38 |
Your employer |
33 |
47 |
40 |
29 |
10 |
34 |
32 |
33 |
36 |
28 |
Wall Street |
30 |
24 |
29 |
34 |
32 |
33 |
27 |
29 |
32 |
25 |
Local government |
29 |
29 |
26 |
31 |
26 |
30 |
28 |
31 |
27 |
29 |
Large corporations |
26 |
25 |
25 |
27 |
24 |
25 |
26 |
26 |
26 |
24 |
Note: Multiple response question
TABLE 2b
GROUPS/INDIVIDUALS RESPONSIBLE FOR HOW FINANCIALLY SECURE YOU WILL FEEL IN 2013
[Summary of combined "Extremely responsible" and "Very responsible" ratings]
"How responsible do you think each of the following groups or individuals is for how financially secure you will feel in 2013*?"
Base: All U.S. adults
Extremely/ Very Responsible (NET) |
Extremely responsible |
Very Responsible |
Somewhat responsible |
Not Responsible (NET) |
Not Very Responsible |
Not at all responsible |
Not sure |
|||||||||
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
2008 |
2012 |
|
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
% |
|
Yourself |
77 |
76 |
55 |
50 |
23 |
26 |
11 |
14 |
7 |
5 |
3 |
3 |
4 |
2 |
4 |
4 |
Congress |
48 |
47 |
27 |
24 |
21 |
23 |
24 |
20 |
22 |
25 |
11 |
13 |
11 |
11 |
6 |
8 |
The President |
46 |
45 |
27 |
25 |
19 |
20 |
26 |
24 |
22 |
24 |
11 |
12 |
11 |
12 |
6 |
6 |
Your family |
41 |
38 |
18 |
15 |
23 |
24 |
22 |
25 |
31 |
30 |
15 |
13 |
16 |
17 |
6 |
7 |
State government |
38 |
37 |
17 |
14 |
21 |
23 |
32 |
32 |
24 |
24 |
15 |
15 |
9 |
9 |
6 |
8 |
Your employer |
44 |
33 |
22 |
13 |
22 |
20 |
21 |
24 |
21 |
24 |
5 |
7 |
16 |
17 |
15 |
19 |
Wall Street |
40 |
30 |
23 |
13 |
17 |
17 |
23 |
26 |
30 |
31 |
15 |
17 |
15 |
14 |
7 |
13 |
Local government |
30 |
29 |
13 |
11 |
17 |
18 |
32 |
34 |
32 |
28 |
20 |
19 |
12 |
10 |
6 |
9 |
Large corporations |
37 |
26 |
20 |
10 |
17 |
15 |
25 |
28 |
31 |
35 |
17 |
19 |
14 |
16 |
7 |
12 |
Note: Percentages may not add up to exactly 100% due to rounding; In 2008 this question asked about 2009.
TABLE 3a
2013 FINANCIAL EXPECTATIONS – vs. Previous Years
"Which of the following do you expect to do in 2013* in regards to your finances?"
Base: All U.S. adults
2008 |
2010 |
2011 |
2012 |
|
% |
% |
% |
% |
|
Cut back on my household spending |
55 |
49 |
45 |
45 |
Pay down my level of debt |
45 |
41 |
39 |
40 |
Save more in the year ahead |
42 |
40 |
36 |
37 |
Save more for retirement |
21 |
22 |
16 |
20 |
Get rid of one or more credit cards |
24 |
22 |
16 |
17 |
Undertake home improvements that increase the value of my home |
14 |
13 |
11 |
14 |
Invest in less risky investments |
9 |
8 |
5 |
8 |
Refinance my mortgage |
5 |
6 |
5 |
5 |
Take out a home equity line of credit |
2 |
2 |
1 |
1 |
Other |
6 |
6 |
5 |
5 |
I don't expect to do anything different financially in 2013* |
16 |
18 |
23 |
23 |
Note: Multiple response question; In 2008 this question asked about financial activity for 2009, in 2010 it was asked about 2011, in 2011 it was asked about 2012.
TABLE 3b
2013 FINANCIAL EXPECTATIONS – By Generation & Children in HH
"Which of the following do you expect to do in 2013* in regards to your finances?"
Base: All adults
Total |
Generation |
Children <18 in hh |
|||||
Echo Boomers (18-35) |
Gen. X (36-47) |
Baby Boomers (48-66) |
Matures (67+) |
Yes |
No |
||
% |
% |
% |
% |
% |
% |
% |
|
Cut back on my household spending |
45 |
46 |
50 |
47 |
35 |
51 |
43 |
Pay down my level of debt |
40 |
42 |
50 |
41 |
22 |
47 |
37 |
Save more in the year ahead |
37 |
53 |
43 |
29 |
17 |
46 |
33 |
Save more for retirement |
20 |
25 |
25 |
20 |
6 |
26 |
18 |
Get rid of one or more credit cards |
17 |
13 |
24 |
18 |
14 |
18 |
17 |
Undertake home improvements that increase the value of my home |
14 |
14 |
16 |
15 |
9 |
17 |
13 |
Invest in less risky investments |
8 |
11 |
2 |
8 |
9 |
7 |
8 |
Refinance my mortgage |
5 |
4 |
9 |
5 |
3 |
9 |
4 |
Take out a home equity line of credit |
1 |
2 |
1 |
1 |
1 |
1 |
1 |
Other |
5 |
8 |
5 |
4 |
3 |
5 |
5 |
I don't expect to do anything different financially in 2013* |
23 |
19 |
18 |
21 |
41 |
15 |
26 |
Note: Multiple response question; In 2009 this question asked about financial activity for 2010, in 2010 it was asked about 2011, in 2011 it was asked about 2012.
TABLE 4
ACTIONS PLANNED/TAKEN IN 2012
"And, thinking about the past year, please select the statement which best describes how you approached these in regards to your finances for 2012."
Base: All U.S. Adults
Planned on doing in 2012 and did follow through |
Planned on doing in 2012 but did not follow through |
[Among those who Follow-Through Ratio |
Had no plans to do so / NA |
|
% |
% |
Did:Didn't |
% |
|
Cut back on my household spending |
47 |
16 |
2.9:1 |
37 |
Pay down my level of debt |
40 |
15 |
2.7:1 |
46 |
Save more in the year ahead |
31 |
26 |
1.2:1 |
42 |
Save more for retirement |
23 |
17 |
1.4:1 |
60 |
Undertake home improvements that |
21 |
10 |
2.1:1 |
69 |
Get rid of one or more of my credit cards |
19 |
10 |
1.9:1 |
71 |
Invest in less risky investments |
11 |
4 |
2.8:1 |
85 |
Refinance my mortgage |
9 |
6 |
1.5:1 |
85 |
Take out a home equity line of credit |
4 |
4 |
1:1 |
93 |
Note: Percentages may not add up exactly to 100% due to rounding
Methodology
This Harris Poll was conducted online within the United States between December 12 and 18, 2012 among 2,176 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.
These statements conform to the principles of disclosure of the National Council on Public Polls.
The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of Harris Interactive.
The Harris Poll® #2, January 16, 2013
By Larry Shannon Missal, Harris Poll Research Manager
About Harris Interactive
Harris Interactive is one of the world's leading market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll® and for pioneering innovative research methodologies, Harris offers proprietary solutions in the areas of market and customer insight, corporate brand and reputation strategy, and marketing, advertising, public relations and communications research. Harris possesses expertise in a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Additionally, Harris has a portfolio of multi-client offerings that complement our custom solutions while maximizing our client's research investment. Serving clients in more than 196 countries and territories through our North American and European offices, Harris specializes in delivering research solutions that help us - and our clients—stay ahead of what's next. For more information, please visit www.harrisinteractive.com.
Press Contact:
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Harris Interactive
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SOURCE Harris Interactive
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