Despite some indicators that an economic recovery is underway, most Americans are still trying to cut expenses, according to a recent survey conducted for M&T Bank. Reducing debt and increasing savings were the two other most reported financial behaviors among respondents.

A national telephone survey of 1,000 randomly selected adults found that 66 percent are focused on cutting expenses and sticking to a monthly budget. Additionally, 18 percent said they are paying off or refinancing debt, and 15 percent report saving more money in a 401(k) or IRA, among those surveyed by GfK Custom Research North America. Only 6 percent of respondents reported that they were not taking measures to deal with the current economic conditions. In addition, only 5 percent reported that they are starting to make major purchases again.

At a time when job losses have slowed, home sales are beginning to rise in some areas and the stock market is coming off its biggest 12-month increase in nearly 70 years, 55 percent of consumers surveyed nonetheless feel that the economy is still in a downturn. Forty-three percent believe economic conditions have begun to improve.

These perceptions about the so-called "Great Recession" appear to be having a lasting effect on consumer spending - and have caused people to re-evaluate their budgets and financial plans.

"Cutting expenses is often our first reaction in times of financial stress or volatility, but without a long-term financial plan, the benefits usually last for only a few weeks or months," said Paul Kieffer, Manager of the Personal Financial Planning Department for M&T Bank. "Only a comprehensive and disciplined approach to all aspects of financial planning can provide long-term security."

Kieffer offers the following top ten financial planning tips:

- Set life goals (for example, retirement)
- Set a budget and manage expenses
- "Pay yourself first"
- Consolidate and/or refinance debt
- Rebalance assets to more closely align with investment objectives
- Take full advantage of matching contributions in company-sponsored retirement plans
- Explore Roth IRA conversions
- Create an estate plan that works with fluctuating changes in tax laws
- Evaluate insurance coverages - especially life and disability due to market volatility (a decrease in assets may result in an increased need for insurance)
- Review property & casualty insurance, especially liability coverage