And here’s another hint as to why the national savings rate has decreased: According to a recent survey-two-thirds of Americans are suffering from “frugal fatigue.” In other words, they’re sick of maintaining careful budgets, abstaining from fun splurges, restricting spending, and all that business about responsibility and living below one’s means.
The survey, conducted by the National Foundation for Credit Counseling, asked the question “Do you have ‘frugal fatigue’?” and here are the results:
A. Yes, I am tired of pinching pennies, but will have to continue that lifestyle = 66%
B. Yes, I am tired of pinching pennies, and have decided to begin spending more = 5%
C. No, I’ve not made any spending changes in recent years = 8%
D. No, I have made lifestyle changes, but they are positive and I intend to keep them = 21%
Seeing as the national savings rate has dipped, it appears as if consumers aren’t pinching quite as many pennies as they were two years ago, in the heart of the recession. What’s especially interesting is that last group: One in five consumers seem to have realized that frugality and more mindful spending habits aren’t merely things we must endure during tough times—they’re just part of a smarter, more rewarding, plain better approach to life.
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