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Monday
Oct252010

Most Americans Report Cutting Back on Spending

Photo Courtesy - Getty Images(NEW YORK) -- Despite signs that the economy is improving, Americans are changing their shopping habits and cutting back on everyday and leisure expenses.  According to a new quarterly survey issued by Citi and conducted by Hart Research Associates, these changes stem from consumers' increasing unease about their debt and savings.

The percentage of Americans who say they are uncomfortable with their level of debt has risen five points since June to 38 percent, according to the survey.  The percentage of those who are somewhat or very uncomfortable with their level of savings has also increased by three points since June to 52 percent, marking the first time since September 2009 that a majority of Americans have expressed unease with their savings level.

The survey also finds that 49 percent of Americans say they either avoid shopping altogether or only shop for necessary items, while 72 percent say they have decreased everyday expenses.  Others reported planning to cut back over the next six months on spending on eating out, clothing, vacations, home appliances, electronics, automobiles and real estate.

Copyright 2010 ABC News Radio

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