As the economy takes small steps towards recovery, many Americans are still monitoring their spending. According to a national poll for Bankrate’s monthly Financial Index, two-thirds of Americans “say they have a reason to limit how much they spend each month.” Of those that limit spending, one-third attribute it to their income remaining stagnant. Respondents also indicated that they are trying to save more, especially millennials.
According to Greg McBride, CFA, chief financial analyst for Bankrate, “sustainable growth in household income is the missing ingredient from this economic recovery, and the leading culprit for why consumers are holding back on monthly spending.”
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