Survey: Mo. residents increase savings

While Missourians have largely saved money during the past six months, they plan to make purchases in the first half of 2016, according to the final phase of Arvest Bank’s fall Consumer Sentiment Survey.

Conducted by the Center for Business and Economic Research at the University of Arkansas Sam W. Walton College of Business, the biannual study analyzes the results of over 1,200 phone surveys performed by the University Oklahoma’s public opinion learning laboratory during October. The study examines a regional outlook, as well for Missouri, Oklahoma and Arkansas.

Missouri respondents’ savings rate moved up to 13.1 percent in the fall survey from 12.1 percent in the spring. Some 15 percent plan to increase their savings rate in the next six months, which is down from 19 percent. Roughly 7 percent of survey participants said they would decrease their savings rate, down from 10 percent in the spring, according to a news release.

During the next six months, 27 percent of respondents expect to make a major household purchase, compared to 25 percent when the March survey was conducted.

“Consumers are moderating their increased consumer confidence into a holding pattern when it comes to future purchases and savings,” said Missouri State University Bureau of Economic Research Director David Mitchell, who was retained by Arvest to analyze the survey results, in the release. “An examination of consumers’ responses to their plans to make major purchases shows that consumer intentions are almost identical to the last time the survey was conducted.”

Missouri’s 13.1 percent savings rate was below Arkansas and Oklahoma, which were both 13.9 percent.