Some Americans Increase Savings

Off those who do have savings, 10% have added bank savings and CD’s to their portfolios in the past six months because of the economic downturn. Also,one-tenth of those surveyed have moved their retirement funds out of stocks and mutual funds and 7% have added to stocks and mutual funds, Harris said in a release about its mid-May survey.

Some 21% who already had bank savings have beefed up their saving schedule and added CDs to their accounts. People are as likely to have added to stocks and mutual funds in their personal savings (8%) as to have moved personal savings out of stocks and mutual funds (9%).

Sixty-three percent of those polled reported spending less overall and 64% said they are less likely to take out a loan. Some 33% said they are using their credit card less often than before. Also, nearly half (45%) of 40-49 year olds and 41% of 50-64 year olds polled say they have used their credit cards less in the past six months. Four in ten of those earning $75,000 or more (41%) have used their credit cards less.

The survey was conducted online within the United States between May 11 and 18, 2009, among 2,681 adults (aged 18 and over). More information is at http://www.harrisinteractive.com/.