- 64% know someone who has lost their job in the past six months
- 40% have begun saving more because of concerns about the economy
- 76% expect the recession to last for at least another year
- 64% have less than six months of savings in case they lose their job - 39% have two months or less
- 19% have experienced trouble accessing credit in the past six months
- 83% of survey respondents said they expected a tax refund this year. 31% were planning on spending the refund, 29% expected to put it into savings and 18% said they would use it to pay off existing credit card debt.
"When two-thirds of Americans do not have enough savings to pay their bills for six months if they lost their job, it is clear that the skills of budgeting and saving have become something of a lost art in this country," said James Bowers, managing director for CEEL. "Increased adult education in economics and personal finance would address the concerns of many Americans and give them the tools to protect themselves during this economic downturn."
This report presents the findings of a telephone survey conducted among a national probability sample of 1,002 adults comprising 500 men and 502 women 18 years of age and older, living in private households in the continental United States. Interviewing for this survey was completed during the period March 20-23, 2009. The results have a margin of error of +/- 3%.
