|PR Newswire Association LLC|
Americans between the ages of 30 and 49 are the most likely to limit their monthly spending, perhaps due to the fact that these are the prime home-buying, car-owning and child-rearing years.
"Sustainable growth in household income is the missing ingredient from this economic recovery and the leading culprit for why consumers are holding back on monthly spending," said
Senior citizens are the most likely to note stagnant income, at almost three times the rate of 18-29 year-olds. This is particularly the case for senior citizens who depend on a fixed income that continues to be plagued by record-low interest rates. Senior citizens are also more likely to worry about the economy than any other age group.
Millennials (18-29 year-olds) are the most likely to cite "need to save more" as their primary reason for holding back spending. This explanation is less common as age increases.
Interestingly, the need to save more is more a common response at higher levels of income than at lower levels, although it is one of the top two reasons cited in both instances.
- Americans note improvement in four of the five components over the past year: job security, comfort level with debt, net worth and overall financial situation.
- Only comfort level with savings has deteriorated in the past 12 months.
- Compared to last month, men are feeling less optimistic about their financial security, while women are feeling better.
- However, men still note improved financial security versus one year ago while women continue to indicate a slight deterioration in financial security over the past year.
The survey was conducted by
PSRAI obtained telephone interviews with a nationally representative sample of 1,007 adults living in the continental
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