We’re starting to look hard at our budgets. The latest consumer-behavior survey from First Command shows what some of us are doing to ride out these rough economic times. First Command, a financial-services company, polled about 1,000 U.S. consumers aged 25 to 70 with annual household incomes of at least $50,000 (so these are more affluent families) in its January survey. Here’s what respondents said they were doing:
54%: Spending less on leisure activities
48%: Cutting their utility bills
46%: Shopping at discount stores
40%: Increasing use of coupons
39%: Buying generic products
38%: Canceled or postponed buying a big-ticket item
First Command noted that these consumers are tucking away more money. In January, short-term savings per family totaled $883, up 13% from $783 in December. However, investments didn’t fare as well. About 63% said they lost money in their retirement accounts and 47% lost money in stocks.
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