Only 41% of Americans use and follow some type of budget. Those that don’t have a budget may be unaware of the benefits or even how to begin assembling a plan for their money.
The overall financial insecurity among Americans may be in part to blame for a lack of knowledge about budgeting. Most Americans live paycheck-to-paycheck with no idea how to break the cycle. A Gallop poll conducted in 2013 indicated that 32% of Americans used a budget at that time. The numbers are better now, but more than half of people still aren’t managing their money proactively.
Four out of five workers in the United States live paycheck-to-paycheck according to a report by CareerBuilder. 81% of women live paycheck-to-paycheck, and 78% of men say they are in the same situation.
Recent government shutdowns over President Trump’s demand for a southern border wall made managing finances even more difficult for government workers who went home without pay for the duration of the shutdown.
Having a plan for spending and saving money seems natural, yet for many people, it is a difficult process.
