63% of Americans are Cutting Back Due to Rising Gas Prices

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  Published in Science and Technology on Monday, May 23rd 2011 at 12:50 GMT by Market Wire
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63% of Americans are Cutting Back Due to Rising Gas Prices -- NEW YORK, May 23, 2011 /PRNewswire/ --

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New Bankrate poll reveals how Americans feel about their finances

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NEW YORK, May 23, 2011 /PRNewswire/ -- A study released today by Bankrate.com found that more Americans are holding back on nonessential spending, such as vacations or dining out, since the beginning of 2011, specifically due to the rise in gasoline prices.  Of the respondents who have had to change their spending habits, 72% are from households with incomes less than $50,000 and 66% are retirees and those living in rural communities.  The new study, which measures feelings of financial security among Americans, was conducted by Princeton Survey Research Associates International and can be seen in its entirety here: [ http://www.bankrate.com/finance/consumer-index/may-2011-financial-security-poll.aspx ]

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Among the findings:

• Feelings of financial security among Americans, as measured by the Financial Security Index, rebounded from April's low of 93.5, back to the same level seen in January (98.5), with all components showing improvement.
• 35% of Americans are less comfortable with their [ savings ] now compared to 12 months ago, down from 42% in April. One in six (16%) are more comfortable, up from 14% in April.
• A strong April jobs report, released the morning of May 6, buoyed Americans' feelings of job security with only 18% feeling less secure now than 12 months ago, an improvement from 25% in April (The Financial Security Index poll was conducted May 5-8, 2011).
• Americans are split on their overall financial security, with 27% reporting better overall financial security compared to 12 months ago and 28% saying they're worse-off. Those reporting better overall financial security are higher-income earners ($75,000-up), college graduates and those under age 50. Those reporting worse overall financial security are those with household incomes under $50,000, the unemployed and retirees.

"The sensitivity to gasoline prices voiced by Americans cuts both ways. Any sustained pullback in prices would be a boost to the economy, but a renewed increase in gas prices would be a further drag on growth," said Greg McBride, CFA, senior financial analyst for Bankrate.com.

Bankrate's Financial Security Index results are based on telephone interviews with a nationally representative sample of 1,003 adults, ages 18 and older. The interviews were conducted from May 5– May 8, 2011, by Princeton Survey Research Associates International. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is +/- 3.6 percentage points.

About Bankrate, Inc.

The Bankrate network of companies includes [ Bankrate.com ], [ Interest.com ], [ Mortgage-calc.com ], [ Nationwide Card Services ], [ InsureMe ], [ CreditCardGuide.com ], [ Bankaholic ], [ CreditCards.com ] and [ NetQuote ].  Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com, is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans, and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO), America Online (NYSE: AOL), The Wall Street Journal and The New York Times (NYSE: NYT). Bankrate.com's information is also distributed through more than 500 newspapers.  Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment groups, in September 2009.  Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: [ www.Apax.com ].

Ted Rossman
Public Relations Manager
Bankrate, Inc.
Ph. (917) 368-8635
[ ted.rossman@bankrate.com ]

SOURCE Bankrate, Inc.

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