smart spending

Many Americans impose spending cutbacks

September 2011 Financial Security Index » Cut Spending

Q:

In the past 60 days, has the roller-coaster stock market or concerns about the economy caused you to cut back on spending?

Nearly 40 percent of households earning $75,000-plus are cutting back, as are 43 percent of those earning less than $30,000.
Those ages 50 to 64 were most likely to have cut back, at 46 percent. This compares to 32 percent of those younger than age 30.
Retired Americans have cut back on spending to the same extent as the general population, at 40 percent.
Greg McBride

"This type of widespread cutback in consumer spending, if sustained for any length of time, is how recessions are born."

Forty percent of Americans say they have cut back on spending in the past 60 days due to the roller-coaster stock market or concerns about the economy. This type of widespread cutback in consumer spending, if sustained for any length of time, is how recessions are born.

- Greg McBride, CFA, Bankrate senior financial analyst.

« Back to the Financial Security Index poll.

 

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