Study: Nearly half of Americans fail to track spending on monthly basis

A recent study conducted by Bankrate.com revealed that nearly half of Americans fail to keep track of their monthly spending against a budget.

Of those responding to the website's survey, 58 percent claim they track their spending against a monthly budget, meaning more than 40 percent currently have weak financial planning methods. This truth is supported by the lower level of Bankrate's Financial Security Index, which declined from 97.8 in June to 95.6 in July - the lowest such level since April.

Bankrate's report found that 66 percent of Americans with college degrees and 65 percent of parents are highly likely to track their spending against a budget. Americans least likely to do so were those with a high school diploma or less, with 52 percent and households that earn less than $30,000 a year, with 53 percent.

Americans in the Northeast showed the greatest zeal for tracking their monthly expenses, with 53 percent.

Overall, 26 percent of the survey's respondents stated they have a higher net worth from one year ago, while 25 percent reported lower worth.

A recent article providing retirement advice referred to tracking spending and creating a budget as "Financial Planning 101." Pre-retirees preparing for their post-career lives should create budgets, experts have stated.