Money Fears Plague Many Americans

  Money Fears Plague Many Americans

 Quicken Survey Finds Many Americans Worried About Mounting Debt, Saving for
                                  Retirement

Business Wire

MOUNTAIN VIEW, Calif. -- November 14, 2012

Can’t sleep? It could be money matters keeping you up at night.

A new United States study by  Intuit Inc. (Nasdaq: INTU) and  Quicken
(www.quicken.com), makers of the leading personal finance management software,
reveals that many Americans are stressed over personal finances – or lack
thereof. Of those surveyed:

  *52 percent in the workforce fear being unable to retire by age 65.
  *One in three admits to losing sleep over money woes.
  *Nearly 20 percent hide their debt from others.
  *15 percent avoid opening bills because they know they won’t be able to
    pay.

Knowledge Brings Peace of Mind

The study also revealed that 72 percent of those surveyed are less stressed
when they know where their money is going. Yet four out of five said they
don’t use a personal financial management software program.

“Finding the money to pay bills, prepare for emergencies and look toward
retirement may seem impossible, but knowing where your money is going is the
first step to successful money management,” said Kristen Dillard, Quicken
personal finance advocate. “We want to make it easy for people to make smart
financial decisions so they can achieve financial peace of mind.”

The study also explored three leading causes of financial stress: credit card
debt, unexpected emergencies and retirement.

Conquering Credit Card Mountain

Of those with credit card debt, one in five see their debt increasing. 43
percent are not paying down debt, owing as much as last year. As a result,
many delay or postpone purchases or activities simply to stay afloat. A total
of 24 percent said they skip vacations.

“The survey data clearly shows the burden of digging out of credit card debt
prevents people from living how they want,” said Dillard. “Getting a quick and
easy – and accurate – picture of spending frees them from stress, and helps
them make better-informed decisions to get out of debt and plan for the life
they want.”

Many people realize they need to get a handle on their money, yet few work
toward that goal:

  *Nearly one in three admit to spending more money than they have, digging
    deeper into credit card debt.
  *31 percent pay bills with a credit card, because they don’t have money
    saved.
  *22 percent overdraft their bank accounts at least once a year.
  *23 percent spent more than they made last year.
  *16 percent rack up fees, such as late payment charges on credit card
    bills. One in four pays late each month.

Expecting the Unexpected

More than half of those surveyed said they know they should save more, but
more than one-third are not financially prepared for an emergency.

“Unplanned expenses can often throw people financially off track,” said
Dillard. “So creating a three- to six-month emergency fund can end up saving
significant money. It also lifts the psychological burden when people know
they’re prepared for the unexpected.”

Leaving Empty Nesters With an Empty Nest Egg

The survey found that most Americans are not saving sufficiently for
retirement. Among people still working, more than half do not expect to be
able to retire by the age of 65. Of those, 40 percent say it’s because of a
lack of funds and an inability to save. Perhaps even more surprising, more
than one quarter of people surveyed have no retirement savings at all.

"Quicken helps me manage what I’m doing with my finances,” said James
Esposito, a Quicken user from Miami, currently saving for retirement. “I
cannot control the economy, but I can manage what I’m doing. Knowing where I
stand really empowers me to do just that.”

For more information about Quicken, please visit www.Quicken.com.

About Intuit Inc.

Intuit Inc. is a leading provider of business and financial management
solutions for small and mid-sized businesses; financial institutions,
including banks and credit unions; consumers and accounting professionals. Its
flagship products and services, including QuickBooks®, Quicken® and TurboTax®,
simplify small business management and payroll processing, personal finance,
and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading
tax preparation offerings for professional accountants. Intuit Financial
Services helps banks and credit unions grow by providing on-demand solutions
and services that make it easier for consumers and businesses to manage their
money.

Founded in 1983, Intuit had annual revenue of $4.15 billion in its fiscal year
2012. The company has approximately 8,000 employees with major offices in the
United States, Canada, the United Kingdom, India and other locations. More
information can be found at www.intuit.com.

Intuit and the Intuit logo, among others, are registered trademarks and/or
registered service marks of Intuit Inc. in the United States and other
countries.

About the survey

Findings are from an Ipsos Observer poll conducted between Sept. 11-19 on
behalf of Quicken. For this survey, a sample of 1,015 Americans from Ipsos’
American online panel was interviewed online. Weightingwas thenemployed to
balance demographics to ensure that the sample's composition reflects that of
the adult population according to census data and to provide results intended
to approximate the sample universe.

Contact:

Atomic PR
Jennifer Parson, 415-377-3158
Jennifer.parson@atomicpr.com
 
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