Nearly two-thirds of Americans prefer saving to spending: Gallup

Nearly two in three Americans now say they prefer to save rather than to spend money, setting a new record since 2001, found a Gallup poll released Monday.

The research result came amid concerns that Americans aren't spending enough to keep the U.S. economy growing at a healthy pace.

The April 6-10 poll showed that 65 percent of Americans enjoy saving than spending. This is largely the legacy of the 2008 economic crisis that led many Americans to tighten their belts.

In three Gallup polls before the 2008 crisis, an average of 49 percent of U.S. adults said they preferred saving. The average has jumped to 60 percent in the nine Gallup polls since then.

Americans with the lowest incomes are generally more likely than those with the highest incomes to say they get greater enjoyment from saving, Gallup said.

Before the crisis, a slight majority of those younger than 30 favored spending. Those aged 30 to 49 were split; those aged 50 to 64 slightly favored saving; and those aged 65 and older were clearly the most likely to prefer saving, Gallup has found.

As the percentage preferring saving increased significantly in recent years, most of the movement in this direction occurred among the three younger age groups. The net result is that once-obvious differences among age groups before the crisis have now almost disappeared, Gallup said.

The appeal of saving over spending shows some signs of being the new normal rather than a temporary reaction to the hard times after 2008, Gallup said.

In April 2006, 51 percent of Americans thought their financial situation was good or excellent, but by April 2010, the percentage had dropped to 41 percent.

During roughly the same period, with unemployment reaching as high as 10 percent and wages stagnant, the appeal of saving over spending grew from 50 percent to 62 percent, Gallup said. Endi