Arvest Consumer Survey: Arkansans Have Debts, Saving Rates Similar to Region

by Lee Hogan  on Tuesday, Aug. 26, 2014 9:18 am  

Arkansans have consumer debts and savings rates similar to their neighbors in Missouri and Oklahoma, according to the final release of the first Arvest Bank Consumer Sentiment Survey.

The survey gauged whether or not consumers made a major household purchase in the last six months, the different forms of debt they carried, and their current and future savings plans. Overall, respondents from all three states were relatively similar in their answers.

More: View the entire results here (PDF).

More than a third of respondents in Arkansas, 37 percent reported a mortgage, while 30 percent reported an auto loan and 11 percent had student loans. More than a third of Arkansans, 34 percent, also reported having no debt. There was no information available for home equity and credit card debt among Arkansas respondents.

Arkansans had the lowest savings rates among all categories in the region. Overall, respondents in Arkansas reported saving 9.5 percent of all household earnings, compared to 11.7 percent in Missouri and 13.1 percent in Oklahoma.

Families making less than $75,000 in Arkansas reported saving 7.4 percent of all earnings, and families making more than $75,000 reported saving 15.2 percent of earnings. Families with children in Arkansas reported saving 7.5 percent of earnings, while families without children reported saving 9.5 percent.

Looking toward the future, 23 percent of Arkansans said they would increase their savings rate, the highest percentage in the region. More than two-thirds of Arkansans, 67 percent, said they would keep their savings habits the same and 10 percent said they would decrease their savings rate.

Nearly two-thirds of Arkansans, 65 percent, said they had not purchased a major household item — furniture, television, refrigerator and other large items — in the past six months. It was the highest percentage in the region, compared to 62 percent in Missouri and 57 percent in Oklahoma.

 

 

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