Grassroots Consumer GDP Data

The folks at consumer financial management service Mint have (I like to think partly at my continued urging) released some aggregated data about the financial health of their users. They have a window into spending and savings via live data from the service, which makes the numbers unique and interesting — even if skewed, given the undoubted tech-centric, middle-class demographic of their user base.

From a post at TechCrunch, check the following graph for an example of how Mint users’ financial health changed rapidly in 2008. Keep in mind that this is a much more liquid and better-paid demographic than the average American.

mint-average-account-balance

Here is Mint CEO/founder Aaron Patzer summarizing what they’re seeing:

From August to December, the average savings account was halved to $5,500. Fortunately, credit card debt remained roughly constant, but investments declined by 24%, while loans (mortgage, HELOC, student loans, and personal loans) increased by 11%.

… But what the data, the hard facts, mean for you – if you run a consumer business – is that your customers are spending $400 less each month than they were a year ago, have burned through half of their savings, and on average have taken on an additional $5k in debt.

More here at TechCrunch.

Related posts:

  1. What Does It All Mean For Average Consumer? Nothing
  2. New Consumer Electronics Data
  3. Impressive New Yahoo Panama Data
  4. The HELOC Auto Loan Connection Thing
  5. New Release of Mint

Comments

  1. Kamren says:

    A few years ago I’d have to pay someone for this ifnromaiotn.