Spending/Savings Over Past Six Months (considered doing in order to save money) | ||||
| % of All Adults (rounded) | |||
Consideration | Have Done | Have Considered | Have not done nor considered | Not applicable |
Purchasing more generic brands | 63% | 12% | 18% | 7% |
Brown bagging lunch instead of purchasing it | 45 | 8 | 13 | 34 |
Going to the hairdresser/barber/stylist less often | 39 | 8 | 31 | 22 |
Switched to refillable water bottle instead of purchasing bottle of water | 34 | 10 | 21 | 34 |
Cancelled one or more magazine subscriptions | 33 | 7 | 23 | 37 |
Cut down on dry cleaning | 22 | 4 | 17 | 57 |
Cancelled or cut back cable television service | 22 | 20 | 41 | 18 |
Stopped purchasing coffee in the morning | 21 | 6 | 19 | 54 |
Cancelled a newspaper subscription | 19 | 9 | 31 | 42 |
Changed or cancelled cell phone service | 17 | 14 | 52 | 17 |
Cancelled landline phone service and only using cell phone | 15 | 21 | 45 | 19 |
Begun carpooling or using mass transit | 14 | 8 | 31 | 48 |
Source: The Harris Poll, January 2010 |
There are also some generational differences in what people are doing to save money. Gen Xers (those aged 34-45) are more likely to brown bag lunch and cut back on hair styling. Matures (those aged 65 and older) are more likely to cancel a magazine subscription. Echo Boomers (those aged 18-33) are more likely to cancel their landline service and only use their cell phone, and to carpool or use mass transit.
Spending/Savings Over Past Six Months - By Generation (Considered In Order To Save Money) | |||||
| % of Generation Saying "Have Done" (rounded) | ||||
| Total | EchoBoomers (18-33) | Gen. X (34-45) | BabyBoomers (46-64) | Matures (65+) |
Purchasing more generic brands | 63% | 60% | 66% | 63% | 61% |
Brown bagging lunch instead of purchasing it | 45 | 51 | 56 | 46 | 20 |
Going to the hairdresser/barber/stylist less often | 39 | 39 | 43 | 38 | 35 |
Switched to refillable water bottle instead of purchasing bottle of water | 34 40 | 37 | 31 | 28 |
|
Cancelled one or more magazine subscriptions | 33 | 24 | 31 | 36 | 45 |
Cut down on dry cleaning | 22 | 18 | 24 | 21 | 27 |
Cancelled or cut back cable television service | 22 | 24 | 26 | 22 | 14 |
Stopped purchasing coffee in the morning | 21 | 25 | 27 | 19 | 14 |
Cancelled a newspaper subscription | 19 | 16 | 20 | 20 | 20 |
Changed or cancelled cell phone service | 17 | 19 | 20 | 17 | 11 |
Cancelled landline phone service and only using cell phone | 15 | 20 | 16 | 15 | 6 |
Begun carpooling or using mass transit | 14 | 26 | 16 | 7 | 4 |
Source: The Harris Poll, January 2010 |
According to the American Express Spending & Saving Tracker, says the report, 49% of the general U.S. population said they will spend the same or more money this month as last month. And, in specific spending areas, responded this way when asked where their money will go during February 2009:
However, 83% of the general population has a defined saving plan in place. 30% of the general population and 42% of young professionals plan to cut back on extra purchases such as "morning lattes" and "manicures" as part of their plan.
The report concludes that these may seem like small savings, they are the things many financial planners say people need to do more of to save money. And, it seems in these times of greater economic hardship, Americans are finally heeding that advice. But, says the writer, are these cuts temporary or will they become lifestyle changes?
For more from the Harris study, please visit here.