A recent study conducted by Javelin
Strategy and Research found that one in five Americans aren’t keeping track of
their personal finances. This number has doubled since 2009, MSNBC reports.
In 2009, only 8 percent of Americans
weren’t using Microsoft Excel, Quicken, bank websites or similar software to
track their personal finances, according to the study. Since then, more
Americans seem to have largely given up on tracking their income and spending.
Some experts believe this has to do with the recession – when a consumer’s
finances are especially out of order, many prefer to stick their heads in the
“When your 401(k) is turning
into a 201(k) we find that people just don’t want to open that [statement]
envelope,” said Mark Schwanhausser, the author of the report.
Other experts believe the study’s
results have policy implications for banks and other financial institutions,
who allegedly should make online finance management more user-friendly.
Consumers who are trying to repair
bad credit history may be advised to keep careful records of their finances.
Tracking expenditures may help keep them under control, and thus facilitate
easier repayment of debts.