A recent survey by online banking business HSBC Direct reports that people who are longtime active savers are enduring this economic downtown virtually unscathed.
Nearly half, or 46%, said they remain comfortable with their financial situation and have not had to cut back on spending, eating out or making large purchases. By contrast, 37% of non-active or periodic savers said they had to scale back on living expenses.
The old adage of saving for a "rainy day" is still good wisdom. But how many people are really willing to save? According to the survey, 85% were wiling to save more and spend less in order to get through the recession but more than 76% indicated they would return to old ways once the economy improves.
The survey also showed that most active savers started at a young age with the "saving" value taught early by their parents. Makes me wonder how many parents are teaching the value of saving in this age of "affuensa."