According to a Consumer Reports national survey, one-third of Americans said they are worse off financially than they were a year ago.
The telephone survey of 1,004 adults found that the respondents’ biggest fears were:
- Ability to retire when they wanted to or even having enough to retire (72%)
- Ability to pay for their children’s college education (68%)
- Safety of their bank accounts (55%)
- Existing credit card debt (35%)
As a result of these concerns, many of the respondents reported that they had cut back on spending, with 56% saying they reduced spending on entertainment and eating out and 53% saying they reduced credit card spending.
Source: Consumer Reports, www.consumerreports.org.