Two Years After Financial Collapse, Nearly Seven in 10 Americans Say They Are Optimistic About the Future of Their Household Finances

- 81 percent Are More Responsible With Their Household Finances Today -

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Sep 13, 2010, 09:00 ET

NEW YORK, Sept. 13 /PRNewswire/ -- Despite the economy's sluggish recovery, a new national survey from Weber Shandwick with KRC Research found that nearly seven in 10 Americans (69 percent) have an optimistic outlook about their household finances for the next two years. Nearly one quarter (23 percent) are very optimistic.

Since the downturn two years ago, the vast majority of Americans (81 percent) say they are more responsible with their household's money today than two years ago, with nearly half (46 percent) considering themselves much more responsible. Many indicated they've changed their financial habits, including buying items on sale (80 percent), becoming more concerned about saving money (78 percent) and learning how to budget better (68 percent). In fact, Americans say they are more likely today to be "saving as much as possible" than before the financial downturn (42 percent vs. 33 percent, respectively). Moreover, six in 10 report they are likely to continue the savings and spending patterns they started when the downturn began as soon as the economy recovers.

(Photo: http://photos.prnewswire.com/prnh/20100913/NY62874 )

(Photo: http://www.newscom.com/cgi-bin/prnh/20100913/NY62874 )

Women, on average, are more optimistic than men about their household financial future over the next two years (72 percent vs. 65 percent, respectively), more likely than men to have turned to family for help managing their finances over the past two years (59 percent vs. 50 percent), and more likely than men to feel in more control of their household's financial destiny today compared to two years ago (35 percent vs. 27 percent).

Few Americans relied on the help of an expert over the last two years. The survey found that a small segment leaned more than usual on financial advisors (19 percent) or their banks (17 percent) to help manage their household budget or finances.

"On the second anniversary of the financial collapse, Americans have a mostly positive outlook on their financial futures although many report not feeling in control just yet. Interestingly, few have turned to professional resources for help. This begs the question of what can be done differently by financial institutions, advisors and others to effectively promote the resources available to empower Americans," said Barbara Iverson, president of Weber Shandwick's Financial Services practice group.

Financial services organizations should consider how they can turn their customers' optimism into empowerment by helping them budget better and making financial advisors more available to answer questions. Engaging customers online may be one area for the financial industry to further explore. While only 17 percent of Americans in the survey reported using social media during the past two years to obtain information on managing their finances, the nationwide trend of social media usage is rising exponentially.

"Done well, a social media presence puts a face on an organization and helps engender trust, confidence and a sense of community," Iverson said. "Building a strong following on networks such as Facebook and Twitter can also help financial services organizations address customer dissatisfaction and mistrust. In our survey, nine percent of Americans posted or tweeted comments or complaints about their finances online. While these 'badvocates' represent a small group, their potential to cause damage to their financial institutions could be considerable."

Survey Methodology

The national representative survey of adults, ages 18 and older, was commissioned by Weber Shandwick and conducted August 20-23, 2010, by KRC Research. The margin of error for the overall sample (n=1007) is +/- 3.1 percentage points at the 95% confidence level.

About KRC Research

KRC Research is a full-service market and opinion research firm that specializes in research to support public relations and marketing communications. We conduct surveys, focus groups, and interviews around the globe to generate insights, test ideas, develop messages, track awareness, and measure success. We also conduct research to attract attention—generating headlines and establishing our clients as thought leaders. Fully integrated with Weber Shandwick, KRC Research offers the quality and custom service of a small firm along with the reach of a global organization. For over 30 years, we have worked on behalf of corporations, governments, not-for-profits and the communications firms that represent them.

About Weber Shandwick

Weber Shandwick is a leading global public relations agency with offices in 76 countries around the world. The firm's success is built on its deep commitment to client service, our people, creativity, collaboration and harnessing the power of Advocates - engaging stakeholders in new and creative ways to build brands and reputation. Weber Shandwick provides strategy and execution across practices such as consumer marketing, healthcare, technology, public affairs, financial services, corporate and crisis management. Its specialized services include digital/social media, advocacy advertising, market research, and corporate responsibility. In 2010, Weber Shandwick was named Global Agency of the Year by The Holmes Report for the second year in a row; an 'Agency of the Decade' by Advertising Age, Large PR Agency of the Year by Bulldog Reporter, and Top Corporate Responsibility Advisory Firm by CR Magazine. The firm has also won numerous 'best place to work' awards around the world including "Best Multinational Firm to Work For in EMEA" by The Holmes Report and a "Top Place to Work in PR" by PR News. Weber Shandwick is part of the Interpublic Group (NYSE: IPG). For more information, visit http://www.webershandwick.com.