Wednesday , July 24 2024
Study finds two-thirds of Americans decreased spending due to economy

Study finds two-thirds of Americans decreased spending due to economy

When asked how Americans are faring financially, most admitted to having to make major adjustments due to the economy, according to the inaugural Wells Fargo Money Study. Two-thirds (67%) of Americans say that they’ve cut back on spending, and almost half (45%) say they’ve put some life plans on hold. A third (35%) have dipped into their savings or investments. And almost two thirds (62%) say that even though they are able to pay their bills, they have little left over for “extras.”

“The data tells us that Americans – no matter who they are – are uncertain about the sustainability of their financial lives. We launched The Wells Fargo Money Study to help them get back on track. We took a unique, authentic and fresh look at money from the viewpoint of Americans of all demographics to get insight into how we can make better progress together toward our financial goals – whatever they may be,” said Michael Liersch, head of Advice and Planning for Wells Fargo.

The data reveals Americans’ real attitudes about money, including how they talk about money, whether it brings them joy or stress, how it informs their life narrative – or “money story” – and how they want help improving their approach to money.

The study went on to find: 

  • More than half (56%) say they always worry about money even when they have enough 
  • Half (50%) of teens confess they have lied about how much they spend  
  • More than half of Americans (57%) admit needing a “mental reset” when it comes to their money 
  • A large majority of Americans (82%) consider money to be a private topic, with up to two-thirds saying that they’re reluctant to talk about money 

Learn more about the Wells Fargo Money Study findings at https://sites.wf.com/wfmoneystudy/ .

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