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Northwestern Mutual Foundation Poll Finds Saving is "In"

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Most people consider themselves savers as opposed to spenders according to a poll released by the Northwestern Mutual Foundation’s financial literacy website,

In what could be one of countless financial behavioral changes that resulted from the recession, 79 % of people say that they would rather have $500 to spend in the future than $50 to spend today. We are currently living in a global age of austerity and it is easy for that mindset to permeate the way individuals handle their money.

Even with low interest rates remaining a fixture until at least 2014, respondents have a positive outlook for the return on their savings with two thirds indicating that if they put $500 aside today they are confident that their money will double in 25 years while 31% of respondents said the return will be marginal.

Younger people were not as keen on saving according to the poll. One third of respondents 17 and younger said they would prefer to spend $50 now and not wait for $500 in five years. It should be noted however, that one’s preference for immediate spending diminishes with age.