"There is no doubt this economy has been a rude awakening for families," says Keith Brannan, vice president of Financial Security Planning at COUNTRY. "While the current situation is stressful to many Americans, it is encouraging that people are permanently changing their financial habits as a result. Most families can build a financially secure future for themselves, no matter where they are starting from."
Most Americans say they are cutting back on short-term discretionary spending. Sixty-nine percent say they have limited family outings like going to the movies and dining out due to the current economy. However, many families are pulling back on longer-term needs, as 41 percent say they have slowed contributions to their children's education savings accounts or tuition in the past six months.
Economy's effects on family more apparent among women
* Eighty-one percent of women compared to just 65 percent of men say the topic of money and the current economy has been very or somewhat stressful for their family.
* More women (60 percent) than men (46 percent) say they are talking more to their children about money matters.
* Fifty-seven percent of women compared to 48 percent of men say the current economy has permanently changed their financial habits. Lower income groups most likely to make changes
* Seventy-four percent of those in the $20,000-$40,000 income range say they are limiting family outings.
* Sixty-two percent of the $20,000-$40,000 bracket say the economy has caused them to permanently change how they handle their money.
