Credit union members and others will cling to their savings habits well into 2010, according to a company that tracks direct mail credit card efforts.
Mintel Comperemedia reported that its recent surveys of consumers, combined with an analysis of data from the Federal Reserve, suggests that Americans are self-consciously saving move and will continue to do so into the future.
"Our recent consumer surveys points to a changed mindset for consumers," stated Susan Menke, behavioral economist for Mintel. "The recession left people feeling shaken and vulnerable, wary of previous years' spending binges and craving a more conservative approach to money. We expect that thrifty, save-for-a-rainy-day mentality to continue next year."
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Menke pointed out that this is the first major recession experienced by adults under age 45, giving them real-life experience of the anxiety produced by economic uncertainty.
"The recession came as a shock to younger generations, but the positive effect is that they now feel motivated to save and invest," Menke said. When Mintel asked survey respondents about investing money, 57% of 18-24 year olds said they wanted to learn more, compared to 49% of all age groups.
Another reason Mintel believed frugal ways will stick–at least through 2010–is that the 24/7 news about this recession made it feel "real" to Americans of all ages. Nearly 60% of adults told Mintel that constant media coverage had contributed to their feelings of stress during the recession. In April 2009, only 17% of adults said the economic situation hadn't impacted their spending
"Consumers' newfound financial conservatism presents many opportunities for financial services companies. As people look to save money and reduce debt next year, companies can benefit by gathering assets and building relationships with customers. Banks could also position themselves as advisers poised to help people build wealth and security in the new economy," said Menke.
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