|PR Newswire Association LLC|
Investors cite several reasons for not relying on a household budget. Just under a third say they have a different system for financial management, and 29 percent say they keep track of budgeting in their head. Forty-one percent don't use a monthly budget because they don't worry about having enough money to cover their needs.
"Despite its apparent lack of popularity, budgeting has benefits for nearly everyone, especially when it comes to monitoring and controlling expenses," said
A little more than 20 percent believe it would be too time-consuming to prepare a monthly budget, and 16 percent don't think it would help them.
Five percent of respondents said they need to spend everything they have to make ends meet. Four percent say they are not sure how to use a budget and as many say their parents never used one, when citing reasons for not budgeting income and expenditures.
The findings were drawn from the fourth quarter 2013
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SOURCE John Hancock Financial