United States (English)When it comes to personal finances, are you the type who tucks away every penny for a rainy day, or do you prefer to live in the moment, spending as you please? Often, the answer isn't as black and white as spender or saver. Many people are somewhere in the middle, and money habits often change over time due to lifestyle changes, the economy, evolving financial goals, changes in income, or many other factors.
Cutting Costs and Saving for the Future
Saving for the Future
A recent Ipsos Consumer Tracker study revealed interesting insights into the changing landscape of American personal finance. Nearly half of Americans say they have tightened their purse strings and started saving more of their income in the past six months, specifically to have a safety net for the future (47%). This represents a slight increase from August 2022, when 43% were setting aside funds for a safety net.
Cutting Costs to Help Savings
To help boost their savings, many Americans are buckling down on expenses - both major and minor. Over a quarter (28%) of Americans say that in the past six months they have postponed or skipped a big-ticket purchase like a home, car, or home renovation. And about a third of Americans (32%) said they have canceled a streaming subscription service in that same time frame.
Understanding American Personal Finance
This Ipsos research on America’s changing financial habits highlights the dynamic nature of personal finance. Understanding these trends can help us make better-informed decisions that align with our financial goals and lifestyle.
Looking at your own current money habits, are you more aligned with the savers or the spenders? What changes are you hoping to make to your personal finances over the next six months? Over the next year? Share these thoughts and more by participating in research with Ipsos iSay – plus you’ll earn rewards that could help give your spending a boost. Check for surveys now!
Personal Finance and Budgeting
FAQs
How have American personal finance habits changed recently?
In the past six months, 47% of Americans say they’ve started budgeting more of their income into personal savings. This is an increase from previous polls that showed only 43% were setting funds aside.
What are the main reasons Americans are saving more of their income?
Most Americans who are saving for the future are doing so to have a personal safety net (47%).
How are Americans cutting costs to boost their savings?
Many Americans say they are cutting back on both major and minor costs to help save for the future. Over a quarter (28%) have postponed or skipped a big-ticket purchase, and third (32%) say they’ve cancelled streaming subscription.
The information shared in this article has been sourced from: https://www.ipsos.com/en-us/news-polls/consumer-behavior-time-covid-19
