Consumer Confidence Up but So Is Saving Money
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Ingram Publishing/Thinkstock(NEW YORK) — As it gets ever closer to the official start of the holiday shopping season, retailers are eager to see how much consumers are willing to spend this year, given that confidence about personal finances is near levels preceding the Great Recession.
Yet, a Bankrate.com survey could dampen that holiday spirit somewhat since four in 10 Americans say their top priority remains paying off existing bills.
What’s more, two-thirds say they have to limit overall spending because their wages have been stagnant for a while or because they’re trying to save for the future in the event there’s another economic turnout.
According to Greg McBride, analyst for Bankrate.com, Americans do feel more secure in their jobs but they’re skittish about taking risks and believe that they haven’t been able to save enough.
The group most concerned with saving money is those 18-29 but Bankrate.com says they’re also least concerned about wages. People most worried about what they’re earning are Americans 50 and older, many of whom are now terrified that they haven’t put away enough for retirement.
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