More than half of those polled can’t keep up with their expenses and more than 60 percent of consumers are looking for a different job to earn more.
Boston, MA – September 30, 2015
Budget-conscious Americans say they can’t afford to take a vacation, according to a new survey by American Consumer Credit Counseling. Nearly 85 percent of those polled during the month of August by ACCC revealed that they could not take a vacation because they either needed to use the money for bills or other expenses, didn’t have enough money saved, or couldn’t take time off. While more than two thirds of Americans have received a promotion or increase in responsibilities within the past three years, workers’ wages have largely stagnated. Although more than 74 percent of working professionals surveyed received a pay hike, nearly 31 percent earned just 1 percent.. More than 70 percent of those polled received 3 percent or less in raises, and just 10 percent of respondents received a pay boost of 5 percent or more.
The online poll of 143 consumers was conducted by American Consumer Credit Counseling – a national non-profit that helps consumers with budgeting, financial education and debt management – at ConsumerCredit.com.
“This survey highlights an ongoing problem with stagnating wages and the inability of many Americans to afford basic expenses,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Despite the improving economy, the majority of those polled have received little in the way of pay increases. In addition, they do not spend enough time on vacation because they simply can’t afford it.”
Of the respondents who received pay increases, just 1 percent said that they plan to use the extra earnings towards a vacation. More than 55 percent said that the extra cash will go towards savings or paying off debt.
The poll also showed that American consumers have trouble keeping up with regular expenses and are not satisfied with their current salaries. Over 50 percent of respondents said, they are unable to keep up with regular expenses. Sixty percent said that dissatisfaction with their current income has prompted them to search for new jobs.
ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:
- For credit counseling, call 800-769-3571
- For bankruptcy counseling, call 866-826-6924
- For housing counseling, call 866-826-7180
- Or visit us online at ConsumerCredit.com
About American Consumer Credit Counseling
American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management and debt relief through education, credit counseling, and debt management solutions. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday personal finance issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the Association of Independent Consumer Credit Counseling Agencies. To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit TalkingCentsBlog.com.