COLUMBUS, Ohio, Dec. 10, 2019 /PRNewswire/ -- Many
Midwesterners are taking action to address the concerns they have
about their finances, according to a new survey that highlights
both their concerns and importantly the steps they're taking to
improve their financial health.
Huntington (Nasdaq: HBAN;
www.huntington.com) today announced the results of its first
"Midwest Money Mindset" survey, a barometer on financial wellness
in the Midwest, America's heartland.
The survey found that 50% of participants cited Money/Finances
as the top driver of stress, ahead of Family/Personal
Relationships, Work/Employment and Health. The survey also delved
into the reasons for that stress, and there's some good news: many
are taking steps to mitigate that angst to take control of their
financial wellbeing.
"At Huntington, our best ideas have come from listening and we
continue to look for opportunities to connect with and better
understand the people across our Midwest footprint, including their
financial behaviors, motivations and challenges," said Andy Harmening, senior executive vice president,
Consumer and Business Banking director for Huntington. "With our Midwest Money Mindset
survey, we not only know that managing personal finances is a top
concern of Americans today, but we're pleased to see people taking
action to help manage this incredibly important part of their
lives."
Here's what the Midwest Money Mindset survey discovered:
What's inspiring Midwesterners to take action:
- Money/Finances is cited as the No. 1 driver of stress for
50% of survey participants.
- 43% think about their financial situation at least once
a day and 69% at least several times per week.
- Four in 10 participants say they are living paycheck to
paycheck.
- A majority of participants (55%) are concerned they're
not saving enough for retirement. In fact, nearly one in four
(24%) of 53 to 69-year-olds say they don't have a retirement
account.
- About 60% of participants have debt, not including a
mortgage.
- Roughly a quarter (27%) of participants have chosen
between paying a medical bill and some other cost in the past two
years.
How Midwesterners are taking action to improve their
financial lives
- Compared to a year ago, 68% of participants are either
saving more money or the same amount.
- More than half of participants (56%) have a retirement
account.
- If they won $10,000, 53%
say they would save or invest at least some of that money and about
half (50%) would use it to pay off debts (multiple answers
were allowed).
- Almost two-thirds of survey participants (64%) have
established a "rainy day" or emergency fund.
"It's encouraging that many Midwesterners are being more
proactive with their personal finances, and at Huntington it's our mission to help with
education and proactive money management along the way," said
Harmening.
The independent research firm WHP Research, Inc., completed the
Midwest Money Mindset online survey, which included 1,043 completed
responses from participants aged 18-69 and residing in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Surveys were completed
between July 30 and August 17, 2019.
Additional Tips and Insights for Better Financial
Management
Harmening shared that personal finances don't need to be
overwhelming. He offers these five tips to better understanding
one's personal finances and a less stressful process along the
way:
- Spend time to get a complete picture of your
finances.
Find out how much money is coming in and out each
month and understand your tax responsibilities and investment
opportunities. Talk to your partner, dependent or other family
members to get on the same page.
- Track your behaviors.
Cashless spending can make it
difficult to see where your money is going, especially as small
purchases quickly add up. But sophisticated online banking
solutions, such as Huntington's
new Spend Analysis tool, can give you an eye-opening look into
how your spending adds up.
- Automate. Automate. Automate.
Direct deposits and
automatic bill payments ensure nothing gets overlooked or falls
through the cracks in spending and saving.
- Make a plan to deal with your debt.
Sometimes just
having a plan can make you feel better. From basic control of your
budget, to plans for consolidating debt and negotiating with
creditors, there are many ways to handle debt. There are also
nonprofit organizations that can help to support and plan your
moves.
- Set goals and stick with them.
It's never too early
to begin your long-term planning for retirement, which should be
top of the list for most Americans. Near-term goal planning is
essential as well, so keeping your eyes on a down payment for a
home or reducing credit card debt can help to keep you motivated –
as long as you're balancing your short- and long-term goals.
Available to all Huntington
customers, The Hub offers a wide array of useful digital tools
to begin getting a handle on, and managing your money and finances.
From spending analysis and budgeting to goal setting and
Huntington Heads Up℠ alerts,
The Hub can help Huntington
customers get a jump start with tracking and categorizing their
expenses.
About Huntington
Huntington Bancshares Incorporated is a regional bank holding
company headquartered in Columbus,
Ohio, with $109 billion of
assets and a network of 868 full-service branches, including 12
Private Client Group offices, and 1,442 ATMs across seven
Midwestern states. Founded in 1866, The Huntington National Bank
and its affiliates provide consumer, small business, commercial,
treasury management, wealth management, brokerage, trust, and
insurance services. Huntington
also provides vehicle finance, equipment finance, national
settlement, and capital market services that extend beyond its core
states. Visit huntington.com for more information.
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SOURCE Huntington Bancshares Incorporated