Table of Contents
Executive Summary
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- The market
- The consumer
- Consumers are optimistic about their own financial situation
- Consumers’ economic outlook is still grim
- Women are increasingly more involved in their household’s finances
- Millennials are still struggling to manage their finances
- Parents are conscious of their savings
- High-income households could use financial guidance
- Renters are financially vulnerable
- What we think
Issues and Insights
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- How are consumers’ financial and economic outlooks changing?
- The issues
- The implications
- Are consumers’ financial behaviors changing?
- The issues
- The implications
Trend Application
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- Trend: Prepare for the Worst
- Trend: Who Are the Joneses?
Market Drivers
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- Key points
- Gross domestic product (GDP) is stable
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- Figure 1: US GDP quarterly growth rate, Q1 2013-Q3 2014
- Unemployment rate continues to decrease
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- Figure 2: Unemployment rate and underemployment, January 2013-December 2014
- Consumer confidence is strong
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- Figure 3: Consumer confidence index, January 2013-December 2014
- Personal consumer income and expenditures
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- Figure 4: US personal income, savings, and expenditures, Q1 2013-Q3 2014
- Impact of the decrease in gas prices
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- Figure 5: Average price per gallon of gasoline, unleaded regular, January 2013-December 2014
- Consumers are spending more for food, housing, and healthcare
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- Figure 6: Personal consumption expenditures for food, housing, health care, Q1 2012-Q3 2014
Marketing Strategies
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- Overview
- Theme: financial planning
- Wells Fargo
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- Figure 7: Wells Fargo, mailing, 2014
- USAA
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- Figure 8: USAA, mailing, 2014
- Theme: college savings
- Fidelity
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- Figure 9: Fidelity, email, 2014
- Edward Jones
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- Figure 10: Edward Jones, mailing, 2014
Consumers’ Financial Sentiment
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- Key points
- Consumers’ financial sentiment is unchanged
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- Figure 11: Current financial sentiment, July 2012-September 2014
- Consumers show a glimmer of hope for their financial future
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- Figure 12: Personal financial outlook, July 2012-September 2014
- Consumers are less optimistic about the future of the economy
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- Figure 13: Economic outlook, July 2012-September 2014
Consumers’ and Households’ Current Financial Health
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- Key points
- Consumers are optimistic about their financial health
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- Figure 14: Household financial health, 2012-14
- Millennials and Swing Generation are the most financially confident
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- Figure 15: Household financial health, by age, October 2014
- Homeowners are strengthening their financial situation
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- Figure 16: Household financial health, by primary residence, October 2014
- Higher-income households have a healthy financial situation
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- Figure 17: Household financial health, by household income, October 2014
Factors of Economic Success
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- Key points
- Saving money is a key factor to economic success
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- Figure 18: Factors of economic success, by age, October 2014
- Renters point to job stability as a factor of economic success
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- Figure 19: Factors of economic success, by primary residence, October 2014
Household Financial Decision Making
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- Key points
- Women are contributing to their household financial decisions
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- Figure 20: Household financial decision maker, by gender, October 2014
- Millennials are sole decision makers
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- Figure 21: Household financial decision maker, by age, October 2014
- Average-income households have both partners share financial decisions
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- Figure 22: Household financial decision maker, by household income, October 2014
Household Borrowing Behaviors
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- Key points
- Consumers are reducing their debt
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- Figure 23: Credit cards status, 2013-14
- Financially healthy households carry very little debt
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- Figure 24: Credit cards and household loans status, by current financial health, October 2014
- Millennials are still challenged by debt
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- Figure 25: Credit cards and household loans status, by age, October 2014
- High income earners are not immune to debt
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- Figure 26: Credit cards and household loans status, by household income, October 2014
Household Savings Behaviors
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- Key points
- Consumers are increasing their savings
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- Figure 27: Household savings status, 2013-14
- Women are not saving enough
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- Figure 28: Household savings status, by gender, October 2014
- Renters are more financially vulnerable than homeowners
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- Figure 29: Household savings status, by primary residence, October 2014
Financial and Economic Predictions
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- Key points
- Consumers are still skeptical about the economy
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- Figure 30: Household financial and economic predictions, 2013-14
- Millennials demonstrate the most optimism
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- Figure 31: Household financial and economic predictions, by age, October 2014
Households’ Future Financial Priorities
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- Key points
- Consumers plan on keeping their debt low and increasing their savings
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- Figure 32: Future financial priorities, Any importance (very and somewhat important), 2013-14
- Women are building their emergency funds
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- Figure 33: Future financial priorities – Any importance (very and somewhat important), by gender, October 2014
- Parents plan to increase their retirement contributions
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- Figure 34: Retirement contribution – CHAID – Tree output, October 2014
- Figure 35: Future financial priorities – Any importance (very and somewhat important) – CHAID – Table output, October 2014
- Millennial parents prioritize educational savings
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- Figure 36: Educational savings– CHAID – Tree output, October 2014
- Figure 37: Future financial priorities – Any importance (very and somewhat important) – CHAID – Table output, October 2014
- High-income households are not eliminating their credit card debt
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- Figure 38: Future financial priorities – Any importance (very and somewhat important), by household income, October 2014
Appendix – Other Useful Consumer Tables
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- Current financial sentiment
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- Figure 39: Current financial sentiment, by gender, August 2013-September 2014
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- Figure 40: Current financial sentiment, by age, August 2013-September 2014
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- Figure 41: Current financial sentiment, by race/Hispanic origin, August 2013-September 2014
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- Figure 42: Current financial sentiment, by household income, August 2013-September 2014
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- Figure 43: Current financial sentiment, by race and age, August 2013-September 2014
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- Figure 44: Current financial sentiment, by Hispanic origin and age, August 2013-September 2014
- Personal financial outlook
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- Figure 45: Personal financial outlook, by gender, August 2013-September 2014
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- Figure 46: Personal financial outlook, by age, August 2013-September 2014
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- Figure 47: Personal financial outlook, by race/Hispanic origin, August 2013-September 2014
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- Figure 48: Personal financial outlook, by household income, August 2013-September 2014
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- Figure 49: Personal financial outlook, by race and age, August 2013-September 2014
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- Figure 50: Personal financial outlook, by Hispanic origin and age, August 2013-September 2014
- Economic outlook
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- Figure 51: Economic outlook, by gender, August 2013-September 2014
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- Figure 52: Economic outlook, by age, August 2013-September 2014
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- Figure 53: Economic outlook, by race/Hispanic origin, August 2013-September 2014
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- Figure 54: Economic outlook, by household income, August 2013-September 2014
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- Figure 55: Economic outlook, by race and age, August 2013-September 2014
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- Figure 56: Economic outlook, by Hispanic origin and age, August 2013-September 2014
- Financial sentiment and economic outlook trend analysis
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- Figure 57: Current financial sentiment, July 2012-September 2014
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- Figure 58: Personal financial outlook, July 2012-September 2014
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- Figure 59: Economic outlook, July 2012-September 2014
- Current financial health
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- Figure 60: Household financial health, by gender, October 2014
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- Figure 61: Household financial health, by age, October 2014
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- Figure 62: Household financial health, by race/Hispanic origin, October 2014
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- Figure 63: Household financial health, by household income, October 2014
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- Figure 64: Household financial health, by presence of children in household, October 2014
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- Figure 65: Household financial status, by financial decision maker, October 2014
- Economic success
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- Figure 66: Factors of economic success, by gender, October 2014
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- Figure 67: Factors of economic success, by age, October 2014
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- Figure 68: Factors of economic success, by race/Hispanic origin, October 2014
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- Figure 69: Factors of economic success, by household income, October 2014
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- Figure 70: Factors of economic success, by primary residence, October 2014
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- Figure 71: Factors of economic success, by current financial situation, October 2014
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- Figure 72: Factors of economic success, by financial decision maker, October 2014
- Household financial decision maker
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- Figure 73: Household financial decision maker, by gender, October 2014
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- Figure 74: Household financial decision maker, by age, October 2014
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- Figure 75: Household financial decision maker, by race/Hispanic origin, October 2014
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- Figure 76: Household financial decision maker, by household income, October 2014
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- Figure 77: Household financial decision maker, by presence of children in household, October 2014
- Debt status
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- Figure 78: Credit cards status, by gender, October 2014
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- Figure 79: Credit cards status, by age, October 2014
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- Figure 80: Credit cards status, by race/Hispanic origin, October 2014
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- Figure 81: Credit cards status, by household income, October 2014
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- Figure 82: Credit cards status, by presence of children in household, October 2014
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- Figure 83: Credit cards status, by current financial situation, October 2014
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- Figure 84: Credit cards status, by financial decision maker, October 2014
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- Figure 85: Household loans status, by gender, October 2014
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- Figure 86: Household loans status, by age, October 2014
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- Figure 87: Household loans status, by race/Hispanic origin, October 2014
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- Figure 88: Household loans status, by household income, October 2014
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- Figure 89: Household loans status, by presence of children in household, October 2014
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- Figure 90: Household loans status, by current financial situation, October 2014
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- Figure 91: Household loans status, by financial decision maker, October 2014
- Saving status
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- Figure 92: Household savings status, by gender, October 2014
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- Figure 93: Household savings status, by age, October 2014
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- Figure 94: Household savings status, by race/Hispanic origin, October 2014
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- Figure 95: Household savings status, by household income, October 2014
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- Figure 96: Household savings status, by presence of children in household, October 2014
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- Figure 97: Household savings status, by current financial situation, October 2014
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- Figure 98: Household savings status, by financial decision maker, October 2014
- Future financial priorities – Important
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- Figure 99: Future financial priorities – Any importance, by gender, October 2014
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- Figure 100: Future financial priorities – Any importance, by age, October 2014
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- Figure 101: Future financial priorities – Any importance, by race/Hispanic origin, October 2014
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- Figure 102: Future financial priorities – Any importance, by household income, October 2014
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- Figure 103: Future financial priorities – Any importance, by presence of children in household, October 2014
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- Figure 104: Future financial priorities – Any importance, by current financial situation, October 2014
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- Figure 105: Future financial priorities – Any importance, by financial decision maker, October 2014
- Future financial priorities – Unimportant
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- Figure 106: Future financial priorities – Any unimportance, by gender, October 2014
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- Figure 107: Future financial priorities – Any unimportance, by age, October 2014
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- Figure 108: Future financial priorities – Any unimportance, by race/Hispanic origin, October 2014
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- Figure 109: Future financial priorities – Any unimportance, by household income, October 2014
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- Figure 110: Future financial priorities – Any unimportance, by current financial situation, October 2014
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- Figure 111: Future financial priorities – Any unimportance, by financial decision maker, October 2014
- Financial predictions
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- Figure 112: Household financial predictions, by gender, October 2014
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- Figure 113: Household financial predictions, by age, October 2014
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- Figure 114: Household financial predictions, by race/Hispanic origin, October 2014
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- Figure 115: Household financial predictions, by household income, October 2014
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- Figure 116: Household financial predictions, by presence of children in household, October 2014
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- Figure 117: Household financial predictions, by current financial situation, October 2014
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- Figure 118: Household financial predictions, by financial decision maker, October 2014
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- Figure 119: Economic predictions, by gender, October 2014
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- Figure 120: Economic predictions, by age, October 2014
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- Figure 121: Economic predictions, by race/Hispanic origin, October 2014
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- Figure 122: Economic predictions, by household income, October 2014
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- Figure 123: Economic predictions, by presence of children in household, October 2014
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- Figure 124: Economic predictions, by current financial situation, October 2014
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- Figure 125: Economic predictions, by financial decision maker, October 2014
- Homeowners
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- Figure 126: Household financial health, by primary residence, October 2014
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- Figure 127: Household financial decision maker, by primary residence, October 2014
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- Figure 128: Credit cards status, by primary residence, October 2014
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- Figure 129: Household savings status, by primary residence, October 2014
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- Figure 130: Future financial priorities – Any unimportance, by primary residence, October 2014
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- Figure 131: Economic predictions, by primary residence, October 2014
- Homeowners’ future goals
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- Figure 132: Homeowners future goals, by gender, October 2014
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- Figure 133: Homeowners future goals, by age, October 2014
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- Figure 134: Homeowners future goals, by race/Hispanic origin, October 2014
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- Figure 135: Homeowners future goals, by household income, October 2014
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- Figure 136: Homeowners future goals, by presence of children in household, October 2014
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- Figure 137: Homeowners future goals, by current financial situation, October 2014
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- Figure 138: Homeowners future goals, by financial decision maker, October 2014
- Personal financial attitudes
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- Figure 139: Personal-opinions/attitudes, opinions, interests, by gender, August 2013-September 2014
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- Figure 140: Personal-opinions/attitudes, opinions, interests, by age, August 2013-September 2014
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- Figure 141: Personal-opinions/attitudes, opinions, interests, by race/Hispanic origin, August 2013-September 2014
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- Figure 142: Personal-opinions/attitudes, opinions, interests, by household income, August 2013-September 2014
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- Figure 143: Personal-opinions/attitudes, opinions, interests, by race and age, August 2013-September 2014
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- Figure 144: Personal-opinions/attitudes, opinions, interests, by Hispanic origin and age, August 2013-September 2014
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- Figure 145: Personal-opinions/personal finances, by gender, August 2013-September 2014
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- Figure 146: Personal-opinions/personal finances, by age, August 2013-September 2014
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- Figure 147: Personal-opinions/personal finances, by race/Hispanic origin, August 2013-September 2014
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- Figure 148: Personal-opinions/personal finances, by household income, August 2013-September 2014
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- Figure 149: Personal-opinions/personal finances, by race and age, August 2013-September 2014
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- Figure 150: Personal-opinions/personal finances, by Hispanic origin and age, August 2013-September 2014
Appendix: Trade Associations
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- American Bankers Association (ABA)
- American Financial Services Association (AFSA)
- Consumer Bankers Association (CBA)
- Credit Union National Association
- Independent Community Bankers of America (ICBA)
- Mortgage Bankers Association (MBA)
- National Credit Union Association (NCUA)
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