Study Indicates Americans Need Better Financial Management Habits

A new study from Bankrate.com found parents and college-educated individuals are the most likely to track their spending against a budget.

The study found 66 percent of individuals with a college degree and 65 percent of people with children say they keep tabs on their finances by using a budget. However, only 52 percent of those with a high school diploma or less and 53 percent of households that earn less than $30,000 in annual income answered similarly.

"A significant portion of the U.S. population would benefit from better budgeting habits," explained Greg McBride, CFA, senior financial analyst for Bankrate.com. "For example, we recently found that only 24 percent of Americans have adequate emergency savings. Consumers who create a monthly budget and stick to it are much more likely to be prepared for unexpected emergencies and more routine goals."

Consumers who have poor financial management habits often find themselves riddled with debt and unable to get their bills in order. Individuals in need of credit card debt relief should make sure to pay as much of their balances as they can each month in order to minimize the amount of interest charges they accrue. They may also want to make payments every two weeks as opposed to every month in order to keep their credit utilization rate, a factor that affects their credit scores, at a reasonable level.