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Middle-income Americans wing it on financial decisions

10:03 AM  Pisstol Aer   Labels:
"Middle-income Americans tend to wing it when making decisions about their money, which has led to expensive financial mistakes, according to a new survey. About 67% of people with household annual income between $30,000 and $100,000 have made at least one “really bad financial decision,” according to a study released Tuesday by the Consumer Federation of America and Primerica Inc. Those stumbles cost families an average $23,000.
“They'll spend weeks planning a vacation to Disney World, but when it comes to their financial future, they procrastinate,” John Addison Jr., Primerica's co-chief executive, told reporters at the National Press Club in Washington on Monday.
“The highest obstacle to financial success is procrastination.”
The sponsors of the study are shocked at the willingness of middle-income investors to go it alone.
“A strikingly high percentage of respondents in our survey said they wouldn't consult any information at all in making a decision,” said Stephen Brobeck, executive director of the Consumer Federation of America.
He urges more discipline before taking out unaffordable home mortgages, taking on too much credit card debt or making risky investments." Read the details By Mark Schoeff Jr.: http://www.investmentnews.com/article/20120918/FREE/120919929
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Middle-income Americans wing it on financial decisions
Middle-income Americans wing it on financial decisions
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