The share of Americans who say they prefer saving to spending rose to an all-time high of 65 percent, according to a recent Gallup poll. The rise continued a marked post-recession trend, versus steady figures in the early 2000s showing that the share of spenders and savers was equally matched.
Saving has continued to rise in popularity as Americans rebuilt their finances following the recession, with 50 percent of respondents rating their personal financial situation as excellent or good for the first time since 2006. Saving is also preferred among all generations, with 66 percent of those aged 18-29 saying they enjoy saving more than spending. In the early 2000s, 54 percent of that age bracket said they preferred spending.
“Americans are considerably more likely than they were in the easy-credit years preceding 2008 to perceive saving money as more enjoyable than spending it,” Gallup said. “And their actions have, at least to some extent, mirrored their attitudes. Saving rates that had dropped from the double-digit levels of the 1960s and 1970s down to an abysmal 1.9 percent rate in July 2005 are now consistently close to or above 5 percent.”