CHICAGO (PRNewswire) — The majority of American workers (57 percent) do not believe that they have any personal responsibility in helping the U.S. economic recovery through their spending habits, according to a new survey conducted by Harris Interactive on behalf of online lender CashNetUSA. The online survey was conducted in October 2013 among 2,014 Americans ages 18+ of whom 1,833 are working and received a paycheck.
Those Americans with a household size of five or more feel most responsible for helping the economic recovery at 53 percent along with men ages 18 to 34 at 50 percent.
The reported softening of the economy in the past three months and decline in consumer confidence have caused many Americans to change their personal spending habits since August. The survey found:
- 44 percent spent less on food/eating out
- 38 percent held off on purchasing clothing
- 38 percent deferred purchasing technology products
- 35 percent reduced spending on summer vacations
- 32 percent held off on doing any home improvements
- 10 percent spent less on school supplies
Fifty-two percent of working women ages 35 to 44 report holding off on clothing purchases, while 48 percent of men ages 18 to 34 held off on technology purchases.
"As consumer confidence is rattled again it is taking a toll on Americans' spending habits," says Megan Staton, director of marketing for online lender CashNetUSA. "They are making these cutbacks to manage their personal finances through this uncertainty, with less interest in what their personal role might be in helping to fuel the economic recovery. That's no surprise when half of Americans are living paycheck to paycheck, and one in four says their paycheck has declined."
Spending cuts could also be related to stagnant or declining paychecks. When asked how their paycheck has changed from a year ago, 37 percent of Americans who receive a paycheck say it has stayed the same and one quarter (24 percent) say it has declined. Thirty-one percent say their paycheck has increased from one year ago.
About the Survey
This survey was conducted online within the United States by Harris Interactive on behalf of CashNetUSA from October 17-21, 2013 among 2,014 adults ages 18 and older (of whom 1,833 receive a paycheck). This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, visit the CashNetUSA newsroom.