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Financially stressed in U.S. now prefer saving to spending: poll

Xinhua, May 13, 2017 Adjust font size:

Though the U.S. economy improves gradually, Americans who are financially stressed still prefer saving to spending, a new poll has found.

The April 5-9 Gallup poll shows that 63 percent of Americans who are worried about paying normal bills now enjoy saving more, compared to 35 percent who enjoy spending more.

Among Americans who are worried about maintaining standard of living, 64 percent enjoy saving more, compared to 35 percent who enjoy spending more.

Among Americans who don't have enough money to live comfortably, 65 percent enjoy saving more, compared to 33 percent who enjoy spending more.

Before the 2007-2009 economic recession, Americans who were financially stressed were divided on whether they enjoyed saving or spending more. But clear majorities of them now have become preferring saving to spending.

The steadfastness of the post-recession preference for saving is striking when contrasted with the fluctuations in other measures of Americans' attitudes about the economy and their personal financial situations, Gallup said.

Gallup has asked Americans about their attitudes toward spending or saving more than nine times since the recession, and the majorities preferring saving have never dipped below 58 percent.

Other attitudes, however, shifted significantly in the years right after the recession, only to return to pre-recession levels by 2017 as key economic and personal financial measures returned to or exceeded pre-recession levels, according to Gallup.

Only 30 percent of Americans said they were worried about paying their normal monthly bills in 2005, now it is 31 percent; Ten percent in 2006 thought they would lose job in the next year, now that has slid down to 8 percent.

In 2005, 37 percent thought it was a good time to find a quality job, now it has risen to 50 percent.

"While Americans' recession-born financial fears have abated as the national economy has improved, the increased desire to save has held firm," Gallup said.

Some people believe that the higher savings rates are good for the economy, as so many economists insist, but others say that is bad for economy, as more spending is the cure for a sluggish economy since spending accounts for such a large part of the nation's gross domestic product. Endit