Lack of Financial Education and Budgeting Can Have Implications on Lifestyle and Summer Vacations

ATLANTA, June 25 /PRNewswire/ -- With the start of summer, travel plans looming and news continuing about a slow-to-rebound economy, SunTrust Banks, Inc. (NYSE: STI) released today the results of the latest Solid Index - revealing that 40 percent of Americans' finances have kept them from achieving the things they want in life, while another 50 percent say they have recently spent less time or money on enjoyable activities because of money concerns. Despite this, Americans still maintained the same optimism felt in April's Solid Index when asked how 'solid' they felt about the state of their personal finances.

This survey was the second in a series that seeks to understand the ways money and finances influence consumers' daily lives, states of mind and emotional connections. It specifically looked at budgeting and financial planning behaviors and how those impact lifestyles and plans to vacation over the summer - revealing that one in two (48 percent) Americans have had to change or scale back their travel plans because of finances; and 42 percent are considering taking a 'staycation' rather than a vacation this summer.

Even more startling, findings of the Solid Index uncovered that nearly one-third of Americans are unaware of how much money exists in their accounts at a given time. This, coupled with the fact that a quarter of Americans have no system in place for budgeting or tracking, could explain why millions of summer vacations are likely to be significantly curtailed or not taken at all.

'Budgeting has never been more important than it is now,' said Rilla Delorier, chief marketing officer for SunTrust. 'Despite the economy, people still deserve to enjoy life. We know that when people have a strong command over their finances they are likely to live a more stress-free and solid life.'

In addition to affecting summer plans, the Solid Index also found that many Americans are unsure of how to deal with their financial issues, and are living with a high degree of financial uncertainty, and the emotions that coincide with this anxiety.