Survey: Worries over Fiscal Cliff Affecting Consumer Spending
(NEW YORK) — The approach of the fiscal cliff may be taking a bite out of consumer spending during the busiest shopping weeks of the year.
A new poll from Bankrate.com says Americans’ ratings of their financial security is down. One in three say “they have cut back on their spending within the last 30 days specifically due to concerns about the fiscal cliff,” Greg McBride of BankRate tells ABC News Radio.
“Concerns about the fiscal cliff are starting to resonate with consumers much the way we’ve see them resonate with businesses in recent months,” he says.
The BankRate survey finds many people feel less financially secure than they did a few months ago.
“That’s not good news regardless of whether or not it’s holiday shopping season,” says McBride.
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