Aleteia logoAleteia logo
Aleteia
Monday 12 April |
Saint of the Day: St. Teresa of the Andes
home iconNews
line break icon

If you are saving more than you are spending, you’re not alone

PUTTING COINS IN A PIGGY BANK

Shutterstock

John Burger - published on 05/15/17

Gallup survey finds more Americans are pinching pennies even as the economy recovers.

Are you a spender or a saver? Chances are you’re saving more than spending these days, according to a new Gallup survey:

Continuing a trend that took hold during the recession, Americans remain much more likely to describe themselves as the type of person who enjoys saving money rather than spending it. In the years before the recession, Americans were close to evenly split in how they described themselves.

The percentage of Americans who prefer to save outweigh those who like to spend 59 percent to 38 percent, the survey found. The 21-percentage-point difference is the smallest since 2012.

Americans also say they actually have been spending less in recent months, rather than spending the same or spending more.

And, a whopping 85 percent of Americans agree with the statement, “You are watching your spending very closely.”

Gallup speculated about several consequences of the trend. One is that Americans may respond strongly to value propositions in retail marketing.

Although sometimes illusory, the idea that a marked price is below the “normal retail price” can help consumers satisfy themselves that they are watching their spending and attempting to save as much as possible. Upscale product marketers may be able to ignore these attitudes and appeal to an aspirational desire to be in the luxury class, but that type of marketing is likely not a good fit for most consumers.

A second consequence is the economic effect these attitudes can have. “If Americans go too far in favoring saving over spending, it could hurt the nation’s vital retail sector,” the report said.

Yet, Americans are feeling better about their personal finances these days, and a separate Gallup question shows that significantly fewer Americans say they are actively cutting back on how much money they spend each week compared with a few years ago.

Support Aleteia!

If you’re reading this article, it’s thanks to the generosity of people like you, who have made Aleteia possible.

Here are some numbers:

  • 20 million users around the world read Aleteia.org every month
  • Aleteia is published every day in seven languages: English, French, Italian, Spanish, Portuguese, Polish, and Slovenian
  • Each month, readers view more than 50 million pages
  • Nearly 4 million people follow Aleteia on social media
  • Each month, we publish 2,450 articles and around 40 videos
  • We have 60 full time staff and approximately 400 collaborators (writers, translators, photographers, etc.)

As you can imagine, these numbers represent a lot of work. We need you.

Support Aleteia with as little as $1. It only takes a minute. Thank you!

Daily prayer
And today we celebrate...




Top 10
1
PRINCE PHILIP
Cerith Gardiner
11 Interesting facts about the late Prince Philip
2
Archbishop Georg Gänswein
I.Media for Aleteia
Gänswein: Benedict XVI expected to live only a few months after r...
3
JESUS
Fr Robert McTeigue, SJ
A simple test to see if you really believe Christ is risen
4
Philip Kosloski
Why you can eat meat on Easter Friday
5
DIVINE MERCY
Aleteia
Here’s how to celebrate Divine Mercy Sunday at home
6
Sister Bhagya
Saji Thomas-ACN
Catholic nun faces conversion charges in central India
7
TABLICA POŚWIĘCONA PAMIĘCI OFIAR PRZEMOCY SEKSUALNEJ
John Burger
N.Y. Cardinal: “For God’s sake, get back to Mass̶...
See More
Newsletter
Get Aleteia delivered to your inbox. Subscribe here.