Survey: Mo. debt, savings on par with regional averages

Missouri respondents to the third and final phase of a study commissioned by Arvest Bank reported debt patterns and savings rates nearly in line with regional patterns.

Conducted by the Sam M. Walton College of Business at the University of Arkansas, the Arvest Consumer Sentiment Survey was presented in three parts: consumer confidence, personal finances, and debt and savings.

Debts
According to the results released by Arvest today, 38 percent of Missourians survey said they've made major household purchases in the past six months.

The regional average was 39 percent, with 35 percent of Arkansas respondents saying they had made such purchases in the past six months and 43 percent of Oklahomans responding in the affirmative, according to a news release.

In Missouri, the most common type of debt was mortgage debt, indicated by 38 percent of respondents. The study also found 30 percent of the Missouri survey-takers had credit card debt, 8 percent had student loan debt and 8 percent had home equity debt. More than a third - 35 percent - of Missourians reported no debt.

Savings
Missourians surveyed reported saving 11.7 percent of their earnings, a tenth of a point higher than the regional average, according to the release.

For Arkansas respondents, the average savings rate was 9.5 percent, while Oklahomans reported saving 13.1 percent of their income.

Missouri respondents with no children reported a savings rate of 12.5 percent, while families with children saved roughly 9.7 percent, according to the release.

The majority of Missourians, 71 percent, said they would maintain their current level of savings during the next six months. Regionally, 72 percent reported plans to keep savings flat.

The Arvest Consumer Sentiment Study is slated to be conducted twice a year, with the next survey to be completed in late November, according to the release. Stacey Roberts, a spokeswoman with The Sells Agency working on behalf of Arvest, said moving forward, survey results would be released in the first and third quarters.