Friday, December 12, 2014

Saving for the Holidays?

Did you set aside any money for your holiday spending this year? Not many Americans are doing that these days. According to the Country Financial Security Index, only 42 percent of Americans put money away for either savings or investments over the past two months. Those aged 40 to 49 seem to be the least inclined to do so, with only 32 percent saying they saved any money for holiday shopping.

Those figures are down sharply from before the recession. Back in 2007, according to this same survey, the saving rate was significantly higher, at 55 percent.

Given how the economy has rebounded since then, it seems like this is more of a change of mind-set than anything attributable to economic factors. In general, the survey found that people were fairly confident about their personal well-being. Some 45 percent of those surveyed said their financial security was "excellent" or "good."

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