|By PR Newswire||
|February 12, 2013 09:30 AM EST||
NORTHBROOK, Ill., Feb. 12, 2013 /PRNewswire/ -- 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. More than four in 10 (41 percent) are living paycheck-to-paycheck while another 8 percent say they don't earn enough each month to pay for essentials. In the late December 2012 survey, responses pointed to an overall lack of financial management skills and resources, but a strong desire to do a better job in 2013.
To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/americans-struggle-to-save-despite-optimism-about-financial-situation-190782221.html
"This second Allstate Life Tracks Poll takes the pulse of Americans to measure the health of their personal financial situations," said Don Civgin, president and chief executive officer of Allstate Financial. "Too many Americans are faced with financial challenges today that lead to an unstable future. As financial services professionals, how we bridge that gap and bring greater awareness to the financial issues people are facing, is the true test of measurable success in our industry."
The Allstate Life Tracks Poll is intended to uncover attitudes and behaviors based on a respondent's "life track," or the major life events that individuals face at varying stages of life (see www.allstate.com/financial). The following represents the top findings from the survey on how Americans are managing their personal finances.
Divided we stand
The split between those with money left over after paying for expenses and those that don't is reinforced by findings from the poll. An even 50 percent of respondents feel their personal financial situation is "excellent" or "good," while another 50 percent say it is "fair" or "poor."
- Men (53 percent excellent/good) are more enthusiastic about their finances than women (47 percent excellent/good).
- Single parents (74 percent fair/poor) are notably the most financially challenged of all the "Life Tracks" segments.
- Only 46 percent of those in households making $50,000 per year or less have a retirement plan in place, compared to 89 percent of those in $75,000 or more per year income households.
- Of the households making $50,000 or less annually, just a quarter say they have money left over at the end of the month.
- One-third of college graduates (32 percent) say they're living "paycheck to paycheck," compared to nearly half (48 percent) of non-graduates.
Still, despite the range of financial experiences, nearly all (91 percent) are confident in their own ability to manage their personal finances. This overt optimism trickles down to major milestone expenses along with future security perceptions.
- Forty-two percent of parents are very confident about their ability to pay for educational opportunities for their children.
- Four in 10 (41 percent) Americans say they are very confident about their ability to pay for a new car.
- Close to half (47 percent) of prospective homebuyers are very confident about their ability to buy a new home.
- Forty-one percent are very confident about being able to afford daily expenses during retirement.
- A large majority (82 percent) of Americans think they're doing the same or better financially than their friends, neighbors and co-workers, and more than half (52 percent) say they're doing better than their family was when they were growing up.
Although they have earnest intentions to pay off debt, Americans are "treading water" when it comes to debt, savings and investments. Eighty-two percent of Americans say they make some kind of debt-related payment each month.
- Forty-nine percent say they pay credit card debt; 43 percent mortgage payments; 36 percent car payments; 17 percent student loan payments; and 15 percent medical debts
- Among the half (51 percent) of Americans expecting a tax return, 45 percent intend to pay off debt with the money.
- Sixty-five percent of Americans with credit card debt say their level of debt has increased or remained the same in the past year.
- While a majority say their savings remains about the same (about 60 percent) in the past year, just 15 percent of Americans say their short-term emergency savings has increased, and 14 percent say their long-term savings and investment activity has increased.
Every day, Americans consciously decide to place a higher priority on activities other than their finances, yet they recognize they need to do more to improve their financial situations. On average, Americans say they spend just under three hours per week paying bills and managing their household finances. This is about a quarter of the time they say they spend watching television (12 hours), and one-third of the time they spend surfing the Internet (9.2 hours).
- Fifty-nine percent of Americans say they know what they're supposed to do and generally make the right decisions in regard to their personal finances, but 34 percent say they don't always do it, and 6 percent say they're unsure what to do.
- With most significant purchases, such as a car, television, vacation or banking and investing decisions they've recently made, the majority (74 to 80 percent) of Americans say they spent the right amount of time considering their available purchase options.
- Nearly half (47 percent) of Americans say they're saving less than they should be.
- Forty percent admit they are not handling their personal finances in the way they're supposed to, or that may not even know what to do.
- Fortunately, an overwhelming majority of Americans (91 percent) believe personal financial management is a skill that someone can improve upon during their lifetime.
To motivate consumers to take action on their personal financial situation, Allstate has developed online resources and a compelling, yet humorous video series, produced by everyday people who responded to a crowdsourced call for entries. The first video launched today, featuring "Hank," a baby who helps put priorities into perspective. Two other videos from different perspectives will follow in the coming weeks.
While an individual's recommended actions for tackling their financial fitness challenges depend on his or her personal situation, three basics are relevant to everyone:
- Do your homework: You can find a wealth of valuable yet free information about managing your finances, such as personal finance websites, books, newspapers and seminars. Financial professionals can guide you through this information and help you set financial goals. For information about specific products, such as life insurance, you also can ask for a referral from professionals you currently deal with and trust – such as your auto/home insurance agent.
- Set goals and a timetable to achieve them. But – rather than trying to make progress on all your goals at once – prioritize those goals every year and focus on the two or three that are most important to you.
- Make a date once a year for an annual life insurance checkup to double-check that the amount and type of coverage is right for your current situation.
Reported results are from a nationally representative survey of 1,000 American adults age 18+. The survey was conducted December 15-19, 2012 via landline and cell phone. The survey has a margin of error of +/-3.1% in 95 out of 100 cases. The survey was conducted by FTI Consulting, Inc
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate®, and are widely known through the slogan "You're In Good Hands With Allstate®." As part of Allstate's commitment to strengthen local communities, The Allstate Foundation, Allstate employees, agency owners and the corporation provided $29 million in 2012 to thousands of nonprofit organizations and important causes across the United States.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Nov. 29, 2015 02:00 PM EST Reads: 483
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 29, 2015 01:00 PM EST Reads: 350
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
Nov. 29, 2015 12:45 PM EST Reads: 417
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
Nov. 29, 2015 12:30 PM EST Reads: 423
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 29, 2015 12:00 PM EST Reads: 525
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 29, 2015 11:45 AM EST Reads: 324
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Nov. 29, 2015 09:45 AM EST Reads: 451
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
Nov. 29, 2015 09:15 AM EST Reads: 344
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 29, 2015 08:45 AM EST Reads: 221
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
Nov. 29, 2015 08:00 AM EST Reads: 274
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Nov. 29, 2015 07:00 AM EST Reads: 499
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion is moderated by me, Dana Gardner, Principal Analyst at Interarbor Solutions.
Nov. 29, 2015 06:45 AM EST Reads: 743
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Nov. 29, 2015 06:00 AM EST Reads: 557
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 29, 2015 06:00 AM EST Reads: 375
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Nov. 29, 2015 05:00 AM EST Reads: 461
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Nov. 29, 2015 04:30 AM EST Reads: 485
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 29, 2015 04:00 AM EST Reads: 377
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 29, 2015 03:00 AM EST Reads: 597
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
Nov. 29, 2015 03:00 AM EST Reads: 339
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk was on IBM Cloudant, Apache CouchDB, and ...
Nov. 29, 2015 02:45 AM EST Reads: 427