Is This The Frugal Decade In The US?
America has always been known as a nation of consumers. And yet the past recession may have changed us into a more frugal society. Top economist tell us there is a growing trend among the middle and upper middle class to become savers instead of spenders. You can read more about the analyst opinion here – Frugality – The New US Trend.
Many of these people did not lose their jobs or income. But they did have some wake up calls. Instead of being a nation that is tied to consumerism are some of us moving towards anti-consumerism.
- Savings and Retirement Account Values Declined. Account values dropped. Even people with bank savings accounts or CDs found that interest rates dropped to less than inflatiion. Even if they did not lose actual money, they lost value.
- Even people who kept their own jobs probably saw friends or neighbors getting terminated from employment they thought was stable.
- House values declined. For many of us, our homes are our largest assets. Even if we kept our homes, we probably did not see a lot of growth in value, and many of us saw a decline.
People over 50 may have been hit particularly hard. Retired people depended upon investment accounts which kept declining as many prices rose. People who were approaching retirement had to rethink their plans to leave jobs. Most baby boomers, who are not yet at retirement age, have no plans to retire at 65. Some say it is because they enjoy work, but a lot admit they just cannot afford to quit their jobs.
Also see – Is Frugal The New Green?
Are You Becoming A Cheapskate?
Do you think this is true? Have you become more frugal lately. Maybe you take small steps like cutting don on gas usage or clipping coupons for groceries. Maybe you have downsized or gotten rid of a car completely. You can register for free to leave a comment. Our readers would love your feedback.
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