American Consumers - Save or Spend?
Holiday shoppers are not planning to reduce their spending significantly, despite news of financial turbulence, according to a new survey released today by ING DIRECT. The survey is part of ING DIRECT's new "We the Savers" campaign calling on committed savers to sign the online "Declaration of Financial Independence"; participate in informative online polls; and use "We the Savers" savings calculators, social networking and IM icons, online forums and more.
According to ING DIRECT's survey findings: "Although Americans seem more concerned about holiday spending during the current economic climate, half of them actually plan to spend the same if not more on holiday gifts this year as compared to last year. Most surveyed also indicate they plan to spend between $300 to over $1,000 on gifts. While this may help struggling retailers, the spending habits of consumers are not improving and their wallets are continuing to stretch. In plain terms, Americans are nowhere near where they should be in terms of saving their money."
"Holidays are a time to give, but these days, no one can afford not to save their money," said Arkadi Kuhlmann, CEO of ING DIRECT USA. "Many of us are quick to give the latest toy or electronic gadget but are not nearly as comfortable giving a lasting, long-term gift that actually appreciates over time - like the 'gift of savings' or the 'gift of investments'."
"ING DIRECT's savings products like the Orange Savings Account and stocks offered through ShareBuilder can be opened and funded completely online," said Kuhlmann. "Savings accounts and other financial products like CDs also increase in value even over a short time, are insured for safety, and are simple to give to anyone on your holiday list."
The "gift of savings" can also help recipients reach their personal New Year's resolutions. After the holidays, the survey shows that 36 percent of Americans will aim to start saving money as a resolution while another 27 percent hope to eliminate their credit card debt.
For more information about the survey, "We the Savers" and ING DIRECT gifting products, please visit http://www.ingdirect.com.
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