Americans who keep their finances simple are recovering from the recent recession more quickly than those for whom money matters are more complicated, suggests a study recently released by Chase Blueprint and research firm Aite Group. Two characteristics stood out among the quarter of respondents who said their financial health had actually improved over the last few years:

1. In order to better keep on top of their money, 40 percent either used tools provided by their financial institution or spoke to its agents.
2. Roughly 60 percent completely avoided credit card debt by paying off their balances every month. That was up from 43 percent in 2008.

Recession affected young the most

Another interesting outcome of the research was that younger people were far more affected — both to the good and the bad — by the recession. Half of Generation Xers, 60 percent of baby boomers and 75 percent of seniors said that their finances hadn’t changed since the recession.

However, nearly 40 percent of Generation Yers reported that their finances had improved over that period. At the same time, more Gen Yers thought theirs had grown worse than those in older age ranges. In other words, those youngsters experienced more highs and lows — and less stability.

Published 09/25/13