The continuing national economic slump is having a toll on Americans' psyches, with one in four polled considering themselves as poor, according to a new survey released today.
According to the poll, conducted by online lender CashNetUSA.com., 69 percent of those queried believe they are not poor, while 6 percent are still trying to decide or not willing to admit it. The survey also showed the continuing financial pressure on respondents who live paycheck to paycheck and how they are managing what little financial resources they have.
An estimated 32 percent of respondents living in the North Central region consider themselves poor, followed by 25 percent in the South and 23 percent in the West. By contrast, only 20 percent of respondents in the Northeast viewed themselves as poor.
Not surprisingly, a greater percentage of younger respondents feel poor: 32 percent under age 30 vs. 14 percent between ages 50 to 59.
When asked if they know the total amount of money they spend on bills each month, 36 percent said they know the "exact amount," 58 percent indicate they have a "rough idea," and 6 percent said they have "no idea."
A higher percentage (48 percent) say they loosely follow a monthly budget, although 25 percent say they strictly adhere to one. Twenty-seven percent say they have no budget at all. Factors such as presence of children in the home, where they live and age had little impact on whether individuals said they follow a budget. Income level was a factor, though, with 36 percent who make under $30,000 annually saying they strictly follow one compared with 18 percent who make $75,000 plus annually.
The CashNetUSA.com survey was conducted online in February by TNS among a national random sample of 1,000 Americans. CashNetUSA.com is a licensed online lender of cash advances for consumers needing access to credit to manage financial emergencies.