Survey: Americans want to save more
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- February
- 18
Americans are cutting their spending and boosting their savings as they respond to recession fears, according to a survey by HSBC Bank USA.
Investors also are more likely to increase their cash holdings as a safe haven because of the recent volatility in the stock market.
“Tough economic times are changing the way Americans manage their finances,� Michael Prebenda, senior vice president and global head of HSBC Direct, said in a written statement. “Our survey findings showed a renewed focus on savings and a realization that curbing superfluous spending is a necessity, with more than four out of five respondents wanting to increase the amount they save.�
HSBC operates banking branches in the lower Hudson Valley.
Among the findings in the survey of 1,700 U.S. households:
•Eighty-one percent want to increase the amount they save in 2008.
•Of those, 72 percent are looking to increase savings by at least 10 percent and 23 percent want to increase savings by at least 30 percent.
•Only 19 percent are satisfied with the amount they saved last year.
•Nearly three out of four indicated that indulgences prevented them from saving as much as they would like.
•Sixty-four percent planned to cut spending on these indulgences. Forty one percent expected to eat out less, and 33 percent expected to shop less.
•Only 6 percent intended to increase bond investments.
This entry was posted
on Monday, February 18th, 2008 at 5:54 pm by Jay Loomis.
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