Sunday, October 25, 2009
Americans expect to focus on personal finance in short term
Posted By: Sara Sindelar
A new survey finds that Americans plan on continuing to increase their savings and investments for the near future.
The survey from First Command found that Americans have less money in their savings accounts and are still paying down their debts at about the same rate as in previous months.
The average amount of money in a short term savings account was said to be $860 in September, down from $1,169 in July but up from $787 in August.
The financial institution noted that more consumers have been applying for debt consolidation loans recently, further adding to the widespread emphasis on personal finance.
In a potential warning sign to the retail industry, the survey also found that 57 percent of consumers plan to scale back their holiday shopping activities this year. This could tie in with a trend where the pace of the economic recovery is held back even as Americans continue to improve their overall personal finances.
By Bill Laforme
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