Debt.com » Research » Debt.com’s 2020 Budgeting Survey Reveals More Americans Than Ever Are Budgeting
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Debt.com’s 2020 Budgeting Survey Reveals More Americans Than Ever Are Budgeting
8 in 10 Americans use a budget – up 10 percent from the last two years.
Debt.com has run its budgeting survey for three years now. This year, the highest number of respondents in the survey’s history have answered “yes” to the question, “do you budget?”
Eighty percent of Americans told Debt.com they’re on a budget – compared to the last two years when 70 percent answered “yes” to the same question. The following infographics are some of the most interesting data we found in this year’s survey…
More men than women feel that everyone needs to budget
Baby boomers are the age group most likely to use a budget – but not by much
More people started budgeting in hopes of increasing their wealth and savings
The majority of men who don’t budget say they earn too little to need one
The women who don’t budget also say they don’t earn enough money
Most men have never thought to search personal finance websites for tips on building a budget
More than half of women haven’t checked out finance website for budgeting tips
If you’d like to read the full survey data, click the button below.
I’m single, financially independent and use a budget
39.65%
34.67%
I’m on a budget, but my significant other is not
13.76%
11.11%
I’m living with my parents, and budget because I’m saving to live on my own
1.39%
3.85%
My significant other is on a budget, but I’m not
1.39%
2.22%
Why don’t you budget?
2019
2018
I don’t earn enough money
39.61%
33.80%
It’s too time-consuming
21.05%
21.25%
I have budgeted, but it’s never helped me
15.51%
19.86%
I have budgeted, but only for special occasions and holidays
14.13%
16.72%
I never overspend
8.31%
7.32%
I make so much money I don’t need to budget
1.39%
1.05%
Have you used websites for tips on how to build a budget?
2019
2018
No, I never thought about it
32.78%
26.74%
Yes, this is one of the reasons why I visited Debt.com
28.01%
41.52%
I have a budget that I created on my own
22.46%
11.65%
Yes, I have visited sites other than Debt.com for advice
16.74%
20.08%
What tools do you use to budget?
2019
2018
Pen and paper
67.05%
66.22%
Spreadsheets
28.66%
32.00%
I budget in my head
25.38%
26.52%
I use my bank/credit union budgeting tools
15.28%
13.33%
Mobile apps
13.26%
16.74%
I have a financial advisor
5.43%
5.93%
I don’t budget
0.88%
0.44%
Have you ever thought about trying any of these budgeting tools/methods?
2019
2018
Pen and paper
73.65%
72.01%
Spreadsheets
32.63%
36.19%
Mobile apps
32.63%
32.46%
Budgeting tools/software provided by my bank/credit union
20.36%
18.28%
Financial advisor
14.67%
18.66%
Has budgeting helped you get out or stay out of debt?
Yes
No
2019
75.88%
24.12%
2018
72.74%
27.26%
Have you been able to stay out of debt without a budget?
Yes
No
2019
29.25%
70.75%
2018
26.67%
73.33%
When I shop for groceries…
2019
2018
I shop with a list, stick to my budget, AND use coupons
46.21%
57.33%
I shop with a list and follow in according to my budget
32.07%
23.41%
I don’t bring a list, but I control myself from overspending
14.52%
12.44%
I usually walk in wanting to buy one thing, and walk out with a cart full
4.80%
5.48%
I buy whatever I want
2.40%
1.33%
Do you budget for special events and holidays?
2019
2018
Yes, I save throughout the year so I can afford to celebrate with my loved ones
33.21%
33.63%
I rarely have the money to budget for special events or gifts because I am living paycheck to paycheck
23.11%
24.74%
I set a budget and start saving a month or two before the event
21.09%
24.74%
I usually don’t buy gifts or celebrate special events
14.14%
10.52%
I shop at the last minute and I often break my weekly/monthly budget for special events
8.46%
6.37%
Do you budget separately for special events and holidays?
2019
2018
I rarely have the money to budget for special events or gifts because I am living paycheck to paycheck
44.04%
45.10%
I usually don’t buy gifts or celebrate special events
17.73%
8.04%
Yes, I save throughout the year so I can afford to celebrate with my loved ones
14.40%
19.23%
I set a budget and start saving a month or two before the event
12.19%
12.94%
I shop at the last minute and I often break my weekly/monthly budget for special events
11.63%
14.69%
Do you separate the cost of meals at restaurants from your grocery budget?
Yes
No
2019
62.12%
37.88%
2018
57.93%
42.07%
Do you budget for the “little things”? (For example, vending machines, gas stations, coffee shop runs, etc.)
2019
2018
Yes, I put extra money aside for the “little things”
42.68%
44.74%
I probably should, but I don’t
29.04%
28.44%
No, these things cost me little money so I do not budget for them
28.28%
26.81%
Methodology: Debt.com surveyed 2,654 people and asked ten questions related to their budgeting behavior. People responded from all 50 states and Washington, DC and were aged 18 and above. Responses were collected through SurveyMonkey. The survey was conducted from Feb. 04, 2020 to Feb. 24, 2020. *In 2019 Debt.com surveyed 1,153 people using the same type of consumer-focused questions regarding budgeting utilizing SurveyMoney. And in 2018 Debt.com surveyed 961 people with the same survey tool.
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