Tag Archives: Survey

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The Cost of Caretaking: ACCC Survey Finds Nearly 6 Out of 10 Consumers Financially Support Their Parents Or Young Adult Child


Boston, MA (PRWEB) August 13, 2014

According to a recent survey by national financial education nonprofit American Consumer Credit Counseling, nearly sixty percent of Americans are providing some form of financial support to either their elder parents or young adult children by means of housing, living expenses, and transportation.

These results come on the heels of a recent report detailing a three-fold increase in the number of adults taking care of aging parents over the past 15 years; a similar online poll by ForbesWoman and the National Endowment for Financial Education shows that 59 percent of parents provide support to their adult children who are no longer in school.

“In today’s economy, many middle-aged consumers are getting hit twice as hard when it comes to financially supporting family members,” said Steven Trumble, President and CEO of American Consumer Credit Counseling. “Amid rising college tuition costs and the sharp increase in elder care services, some consumers are forced to make tough financial decisions and delay their own financial goals.”

For the 56 percent of consumers indicating they play a financially supportive role in their loved one’s life, nearly 20 percent stated they are unable to pay off their debts or are accruing more debt because of it and 12 percent have delayed retirement.

“Whether it’s an aging parent or a child returning from college, the expenses can hit hard and have a long-term effect on your own financial situation,” said Trumble. “By working together to determine a financial plan that works for everyone, consumers can help prevent future financial damage while also providing their loved ones with the short-term support they need.”

The results from the ACCC survey supports a poll released by Caregiver Action Network that shows the average family caregiver for someone 50 years or older spends $ 5,531 per year on out-of-pocket caregiving expenses. On average, $ 303,880 is lost in lifetime wages and retirement benefits should a child opt to serve in the caregiving role.

According to the ACCC survey, 81 percent of those supporting aging parents and 59 percent of those assisting adult children indicated they help financially with living expenses and bills, while very few cited support for paying credit card debt.

When it comes to student loans, nearly 25 percent of parents are financially contributing to their child’s college debt. However, according to one recent poll by Sallie Mae, 85 percent of parents plan to offer their children monetary aid after graduation and a third of parents plan to provide their grad with financial assistance for up to six months, while 50 percent of parents plan to foot the bill anywhere from six months to more than five years.

“With the average college graduate taking on nearly $ 30,000 in student debt, it’s no wonder they are returning home to save on expenses,” said Trumble. “Although they may not be able to contribute financially, there are other ways that these young adults can help out mom and dad such as assisting in household chores or even preparing dinner.”

The caregiver survey is the most recent in a series of online polls asking consumers about timely topics related to money management, budgeting, identity theft, and spending habits. For the full results and access to an infographic detailing the highlights of the survey please visit: http://www.consumercredit.com/financial-education/infographics/the-cost-of-supporting-adult-children-or-elders.aspx    

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.

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Survey: Does Credit Compatibility Predict a Successful Marriage?


San Francisco, CA (PRWEB) February 11, 2014

In a new survey that looks at how married and divorced people deal with credit and debt, Credit.com found that almost half – 49% – of currently married couples reported their credit scores to be about the same as their partners, while only 26% of divorced couples said the same about their credit scores during the time they were married. Beyond that, 81% of married survey respondents who said they had similar credit scores to their spouse reported they were very satisfied (52%) or somewhat satisfied (29%) with how they were managing their credit and finances. They also tended to manage their credit and debt cooperatively with their spouse (61%) vs. divorced people when they were married (29%).

Yet overall only 37% of married couples are very satisfied with the way they are managing their finances, while 49% of divorced couples say the same.

More important takeaways from Credit.com’s 2014 Marriage, Divorce & Credit Survey:

Respondents are fairly evenly split on whether their credit scores improve or get worse after divorce

30% of divorced respondents say their scores are significantly better after their divorce
31% say that their scores got worse
16% say their scores are somewhat better
23% say that they don’t know

For divorced individuals, credit and debt usage grows during marriage (comparing prior-to-marriage vs. post-divorce debt levels)

Those with credit card balances increases from 53% to 70%
Those with mortgages increases from 32% to 54%
Those with auto loans increases from 38% to 46%
Those with student loans increases from 24% to 31%
Those with medical debt increases from 20% to 27%

It can take a long time to separate finances after a divorce

6% say it took more than 3 years
14% say it took between 1-3 years
15% say it took between 6-12 months
The remainder say it took less than 6 months

Many regret not talking about credit and finances before marriage

28% of divorced regret not discussing credit and financial goals before getting married vs. 10% of currently married people
66% say that money contributed to their divorce
45% of married say that credit/debt issues cause stress in their marriage

Satisfaction in how they are managing their credit and finances can improve as well

49% of divorced are very satisfied with how they are managing their finances after their divorce vs. just 37% of married

About the Survey

Credit.com Marriage, Divorce, and Credit Survey was based on data collected from 1,061 US consumers, aged 18+, using SurveyMonkey Audience, over the period January 31 – February 2, 2014.

About Credit.com

Credit.com is a trusted source of financial information for consumers. Founded in 1994, and run by leading credit & money experts, Credit.com offers the latest news, advice, and free, easy-to-use tools to help consumers gain valuable insight, save money and make smarter financial decisions. Its flagship product, the free Credit Report Card, has been recognized as an innovative consumer finance tool by CNN, Wall Street Journal, Fast Company, and others.

To learn more about Credit.com’s Marriage, Divorce & Credit Survey, or other issues related to credit, debt and personal finance in general, please contact Michael Schreiber at michael(at)credit(dot)com or Gerri Detweiler at gerri(at)credit(dot)com.

*The Marriage, Divorce & Credit Survey was conducted among 1,061 adults online Jan 31 – Feb. 2 on behalf of Credit.com.