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Many U.S. Consumers Have Little Cash to Spare
A May
2005 survey conducted by ACNielson
found that 28 percent of American consumers had no spare cash after they
paid their essential living expenses. And of those people who had money
left over only 37 percent used the extra cash to save money, buy stocks
or mutual funds and put money into a retirement account.
| How
People Spend Their Money |
| Pay off debts, credit cards, loans |
37% |
| I have no spare cash |
28% |
| Savings |
23% |
| Home improvements, decorating |
21% |
| Out of home entertainment |
21% |
| New clothes |
15% |
| Holidays/Vacations |
14% |
| New technology |
9% |
| Stock/Mutual fund |
7% |
| Retirement fund |
7% |
|
Note: Respondents could choose more than one answer so the total
of the percentages is greater than 100%.
|
Paying off debt is the top vote getter while putting away money for
retirement is tied with investing in stocks and mutual funds for the least
frequent activity.
Apparently most Americans need a wake-up call to tell them that they
are spending too much and not saving enough for their old age.
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