Most Americans are still trying to cut expenses despite signs that an economic recovery is in progress, according to a Northeastern bank.

When Manufacturers and Traders Trust Company, Buffalo, N.Y., commissioned a telephone survey of 1,000 U.S. adults, it found that 66% are focused on cutting expenses and sticking to a monthly budget. Additionally, 18% said they were paying off or refinancing debt, and 15% reported saving more money in a 401(k) plan or individual retirement account.

Only 6% reported that they were not taking measures to deal with the current economic conditions. In addition, only 5% said they are starting to make major purchases again.

The survey found that 55% say the economy is still in a downturn, and 43% say they think economic conditions have begun to improve.

M&T notes that its personal financial planning department has seen a 30% increase this year in the number of customers who are using its services.