US consumers are stil spending less and saving more

According to the Harris Poll®, conducted online within the USA between May 11 and 18, 2009, among 2,681 adults, Americans are still saving more and spending and borrowing less, tightening their belts. 

Thus, 63% of US citizens spending less overall, while 64% - are less likely to take out a loan. 33% of Americans are using their credit card less often than before, that means people are weaning themselves from plastic cards. 

Moreover the survey found the other changes in how Americans’ spending, saving and borrowing behaviors:

• Americans are saving their money in safe havens: 21% of those with personal savings and 10% of those with retirement savings have added bank savings. 

• People are as likely to have added to stocks and mutual funds in their personal savings 8% as to have moved personal savings out of stocks and mutual funds 9%. With their retirement savings, 10% have moved their retirement funds out of stocks and mutual funds and 7% have added to stocks and mutual funds. 

• Many Americans have no cushion to weather a downturn, now or in their retirement years. 22% of Americans have no personal savings and 30% have no retirement savings. 

• Middle aged and upscale Americans are reducing back most on their credit card spending. 45% of 40-49 year olds and 41% of 50-64 year olds have used their credit cards less in the past six months. 41% of those earning $75,000 or more have used their credit cards less.