With Consumer Optimism Rising, Chase Blueprint Unveils New Initiative to Reinforce Positive Spending Habits

  With Consumer Optimism Rising, Chase Blueprint Unveils New Initiative to
  Reinforce Positive Spending Habits

   Three in four consumers are optimistic about their personal finances; 39
             percent spending as much as they were pre-recession

Business Wire

WILMINGTON, Del. -- April 22, 2013

As Americans’ optimism about their personal finances increases, Chase
Blueprint^® has launched a new initiative and resource center for those
focused on helping consumers take steps toward a better financial future. The
Resource Center for Mindful Spending, unveiled at Washington Post Live’s
“Kitchen Table Economics” forum last week, comes as more than three-quarters
(76 percent) of Americans say that their personal finances are stable or
improving – an 11 percent increase over last year. The data comes from the
latest Chase Blueprint Pulse of the Consumer Survey, released today.

Consumers More Optimistic about Finances

Forty-five percent of consumers believe that their personal finances have
already bottomed out and are getting better – a 14 percent increase from last
year – according to the survey, which takes a comprehensive look at Americans’
financial habits and attitudes toward the economy. More than six in 10 (61
percent) Americans believe the national economy has bottomed out and is stable
or improving. In addition, consumers are even more optimistic about economic
conditions around them, with 67 percent believing their local economy is
stable or improving.

Consumers’ Spending is Recovering; Focus on Savings Continues

As optimism has increased, it appears that consumers are beginning to spend
more. Almost two in five (39 percent) consumers say they are spending the same
or more than they were pre-recession. Over the past year, consumers say that
the top three categories where they are spending more money include dining out
(33 percent), vacations (20 percent) and clothing (17 percent).

Savings remains a top concern for consumers, with 45 percent of Americans
putting more money into savings, up nine percent from 2012. However, half of
Americans (51 percent) still say they have not put more money into savings as
a result of the economic downturn.

“As consumers begin to feel more optimistic about their financial situation,
it’s more important than ever that we help them maintain good spending
habits,” said Florian Egg-Krings, general manager, Chase Blueprint. “That’s
why Chase Blueprint is launching a new initiative that provides research and
information to help nurture a mindful spending movement. Together, we can help
consumers strengthen the responsible spending and borrowing habits developed
over the last few years.”

New Chase Initiative to Help Reinforce Positive Spending and Borrowing Habits

Drawing upon the expertise of Chase and respected experts, the Resource Center
for Mindful Spending is a free knowledge center available at
Chase.com/MindfulSpending. To better understand why consumers spend and borrow
the way they do, Chase Blueprint today released its first of many projects as
part of the Resource Center: “Born to spend? How nature and nurture impact
spending and borrowing habits,” by behavioral economist Dr. Hersh Shefrin.

“Few question the importance of financial literacy, but we would benefit from
a better understanding of how the human mind actually develops habits around
spending and borrowing,” said Dr. Shefrin, the author of the paper and Mario
Belotti Chair in the Department of Finance at Santa Clara University's Leavey
School of Business. “Based on a deep investigation of how people spend and
borrow, this paper identifies three specific pathways for developing better
financial habits.”

1. Make budgeting as easy as possible by designing smart, nurturing programs
that help people carry out the basics of managing spending and borrowing. This
can involve things like: setting goals, developing budgets, tracking expenses,
identifying ways to increase income, choosing appropriate lenders, matching a
person’s credit cards to their specific needs and paying balances down
intelligently.

2. Use modern technology, specifically personal financial management tools, to
provide consumers with their current spending data in a straightforward
method. Collecting spending data in one place can help consumers recognize
spending patterns and correct bad behavior before it gets out of control.

3. Turn finances into fun by using games to help instill better spending and
borrowing habits in children, particularly during the K-12 years. Electronic
games motivate students’ competitive instincts and activate the reward centers
of their brains, all of which helps make teaching them about mindful spending
easier.

About the Survey

The 2013 Chase Blueprint Pulse of the Consumer Survey is an online omnibus
poll of a nationally representative, randomly selected sample of 1,208 adults.
It was conducted March 5- 7, 2013. The margin of error is ±2.8 percentage
points.

About Chase Blueprint

Blueprint is available free of charge to new and existing Chase credit
cardholders. It’s simple to set up, easy to use and customizable. With
Blueprint, cardholders can save money and pay down balances faster. More
information is available at www.chase.com/blueprint.

About Chase

Chase is the U.S. consumer and commercial banking business of JPMorgan Chase &
Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4
trillion and operations in more than 60 countries. Chase serves more than 50
million consumers and small businesses through more than 5,500 bank branches,
17,500 ATMs, credit cards, mortgage offices, and online and mobile banking as
well as through relationships with auto dealerships. More information about
Chase is available at www.chase.com.

Contact:

Media contact:
Chase Card Services
Nicole Kennedy, 302-282-5011
nicole.kennedy@chase.com
 
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