How Have Americans’ Financial Lives Rebounded From the Recession?
Report Summary
How Have Americans’ Financial Lives Rebounded From the Recession?
Financial Literacy And Complexity--Not Just Income And Employment Status--Impact Consumers’ Financial Health.
Boston, August 22, 2013 - The recent U.S. recession impacted the financial lives of many Americans, but industry metrics have turned around since 2010, and the financial lives of many have mirrored the nation's improving macroeconomic indicators. The trend among FIs to tighten lending standards has reversed, growth in consumer credit rose in both 2011 and 2012, and consumers are saving more by spending less. But does this mean that U.S. consumers have recovered from the recession? And if so, has the comeback impacted certain segments or groups more than others?
Supported by Chase Blueprint and based on a Q2 2013 Aite Group survey of 1,242 U.S. consumers regarding their financial lives and how the recession impacted them, this report by senior analyst Ron Shevlin evaluates the financial behaviors and attitudes of U.S. consumers pre-, during, and post-recession. It also reveals the implications of those findings for financial institutions, consumer advocate groups, and regulatory agencies.
This 31-page Impact Note contains 25 figures and eight tables. Clients of Aite Group's Retail Banking service can download the report.