Survey: Two in three Americans limit spending

New York-- Two-thirds of Americans are limiting how much they spend each month. According to a new Bankrate.com report, of those limiting their monthly spending, 32% cite stagnant income as the main reason and 29% cite the need to save more.



Worries about the economy are a distant third at 16%. Americans between the ages of 30 and 49 are the most likely to limit their monthly spending, which Bankrate.com says perhaps due to the fact that these are the prime home-buying, car-owning and child-rearing years.



Senior citizens are the most likely to note stagnant income, at almost three times the rate of 18-29 year-olds. This is particularly the case for senior citizens who depend on a fixed income that continues to be plagued by record-low interest rates. Senior citizens are also more likely to worry about the economy than any other age group.



Millennials (18-29 year-olds) are the most likely to cite “need to save more” as their primary reason for holding back spending. This explanation is less common as age increases. Interestingly, the need to save more is more a common response at higher levels of income than at lower levels, although it is one of the top two reasons cited in both instances.



Bankrate’s Financial Security Index increased for the second month in a row, rising to 101.0. This is the highest reading since June 2014. Readings above 100 indicate improved financial security compared to the year before. The Financial Security Index has been above 100 in eight of the first 10 months in 2014.