Close Close

Life Health > Annuities

M&T: Americans Wary About Finances

Your article was successfully shared with the contacts you provided.

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.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.