America has nearly twice as many savers as spenders, according to
new data from Gallup.
Ever since the Great Recession took hold, the percentage of Americans that prefer to save their money has grown. The post-recession divide between spenders and savers is now bigger than ever, with 62% of Americans saying they enjoy saving money and 33% saying they’d rather spend it.
Before the 2008 crisis, the nation’s financial habits were more evenly split. You can see how they’ve changed in recent years in this graph:
Gallup says the data, collected in a poll earlier this month, reinforces the deep psychological toll the recession and slow recovery have taken on the American population.
On the other hand, the latest data does show a slight uptick in spending in recent months. The poll finds that 40% of Americans are spending less than in previous months — a figure much lower than its post-recession peak of 57%.
“This suggests many Americans no longer feel much of the pressure to save that they felt during the recession,” according to Gallup.
20-eight per cent of people say they have spent more lately (up from 26% earlier this year) and 30% report unchanged spending habits, as you can see in this chart:
Based on all the data, Gallup concludes that frugality is likely to become the “new, normal pattern.” According to survey results, 40% of the people that report spending less in recent months say this pattern will become their norm in years ahead. By contrast, just 12% see the decrease in spending as a temporary change in behaviour.
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