Ebola + ISIS + Russian Invasions + Unstable Stock Market + Domestic Social Unrest + Gridlocked U.S. Government — and wait there is more, the Economy Stupid. W-h-a-t-e-v-e-r . . . . the point who is in the mood to open their wallets now with all this uncertainty???
A new survey found 66% of Americans are limiting how much they spend each month.
According to our good friends at Bankrate.com, this could be an ominous sign for the upcoming holiday shopping season.
Here are some of their other findings:
Of those limiting their monthly spending, 32% cite stagnant income as the main reason and 29% cite the need to save more.
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.
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.