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Personal Finances Not Great for Illinoisans
(IRN)-Some Illinoisans lack discipline in their personal finances, but not at a rate much worse than the national average, according to a study by financial regulators.

Spending more than they take in: 19 percent of Illinoisans, 20 percent nationally. No savings: 62 percent of Illinoisans, 60 percent nationally. Non-bank borrowing, such as payday loans, auto title loans, tax refund loans, or using a pawn shop or rent to own store: 19 percent in Illinois, 24 percent nationally.

John Gannon of the Financial Industry Regulatory Authority Investor Education Foundation says of particular concern is that people age 18 to 34 have higher rates of poor decisions with their personal finances, both in Illinois and nationally.

Gannon says the tax refunds that many of us are anticipating are a good way to start saving.

The full study is at www.usfinancialcapabilty.org.

(Source: Illinois Radio Network)
04 08 11 by Newsroom
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