Survey Of Spending Habits In A Recession Reveals Cut Backs In Dining, Gasoline Expenses, Shopping

According to a survey mentioned in Yahoo Finance on the I Will Teach You To Be Rich blog,, most people are changing their spending habits in leu of a looming recession.

What are most people cutting back on? Eating out, recreation, shopping, driving and gasoline expenses and a frugal 27 percent on groceries – that’s a steep change in spending behaviour for Americans, who are more comfortable with "everything big."

Not just that – people are also more "cognizant" of investing. Many new investors are looking are long term profits in the stock market, and they don’t mind taking a hit for six months, which is how long many people think the recession will last.

People who own their own businesses are most worried that if the economy doesn’t pick up they’ll have more to worry about, on the heels of mortgage delinquencies (subprime mortgage crisis) and a slump in housing.