Survey: Most Americans cutting back on spending

08.08.09
By Lewis Green

With a growing number of American struggling with credit card debt, a recent study found that consumers are cutting back on spending but the results show that the way men and women are reducing their spending differs.

The survey from PriceGrabber.com finds that 67 percent of people surveyed said they are cutting back on their spending because of the economy - a 10 percent increase over people saying the same in January.

People are also trying to save money when they go shopping, according to the survey, with 87 percent of those surveyed saying they checked prices online before making a purchase in the last 30 days. Another 66 percent said they are doing their own repair work around the house rather than calling on a professional.

Some people even appear to be practicing habits seen during the Great Depression with 31 percent saying they have turned to growing their own fruits and vegetables to cut costs while 57 percent say they are reusing items they might have once thrown away.

But in what might be a blow to gender stereotypes, the report finds that women have been reducing their spending more than men. In a number of categories on the survey - eating out, purchases online, buying in stores and entertainment outside the home - more women said they have been spending less than their male counterparts.

Another gender difference the survey pinpointed was the difference in the definition of a "necessity."

The report found that men named technological advances like laptops (88 percent), high-speed internet (73 percent) and dishwashers (53 percent) as necessities more often than women.

Yet while many people say they are cutting back on their spending it doesn't seem to result in them saving much money. Figures released this week from the Commerce Department show that the nation's savings rate fell from 6.2 percent in May to 4.6 percent in its most recent survey in June. Experts say the reason for this might be the increased price of goods in the marketplace.

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More Americans are watching their money