Discomfort About Debt Savings Equals Less Spending

10.21.10 | FL News Team

(New York, NY)  --  Many Americans have cut back on their everyday spending and plan to spend even less during the next six months.  That's according to a new consumer survey done by financial giant Citi.  Jonathan Clements with Citi's Personal Wealth Management division says the number of respondents indicating discomfort about their debt or savings levels has gone up in recent months.  He says consumers spoke of either avoiding shopping completely or shopping only for what they absolutely need.

To be convinced the U.S. economy is in real recovery mode, many said they would need to see evidence of substantial job creation both nationally and in their local area.  Clements also noted 64 percent of those surveyed predicted their personal financial situation would be better a year from now, a sign of confidence he says should push the economy in a positive direction.