U.S. Mothers Cutting Back Household Spending: Survey
Two out of three mothers report cutting out household purchases that are not absolutely necessary, according to an online survey conducted in early October by ad agency Allen & Gerritsen.
The nationwide poll of 431 women with children under 18 in their households found that 65% have already begun eliminating from their spending “anything I don’t feel is absolutely necessary for my lifestyle.” In addition, 52% responded that they have been cutting back on spending from their household budgets.
Twenty-nine percent of those polled said the current economic difficulties have had to find new sources of income. Only 12% told pollsters they had not altered their household finances in any way.
When it comes to resetting their buying priorities, the A&G survey found that the moms polled are most willing to re-evaluate how they manage their household budget, how they shop for food, and how they make the family financial decisions. They said they are less willing to re-think their home energy needs, and least willing to make changes in medical care and childcare needs.
According to Allen & Gerritsen researchers, the survey also found indications that mothers may be turning away from spending self to emphasize helping others. Seventy-one percent of the mothers surveyed said they have made more sacrifices in 2008 than they did last year. And 94% said they believe it is more important to seek regular medical care for their families than for themselves.
Eighty percent of respondents said they think most Americans were encouraged to spend too much in the last few years, and 58% agreed with the notion that “Americans are too greedy.” Sixty-two percent described themselves as “less greedy” than the average American.
“For the last few years, there have been a number of cultural trends that demonstrate a belief that Americans deserve to regularly indulge,” the A&G report says. “During this time, many more Americans were able to purchase bigger homes, better cars, and enjoy other luxuries of life than had ever done so before. Most moms believe this culture contributed to the financial crisis we are in.”
As for who bears the largest share of the blame for the current mortgage crisis, mothers polled by A&G are split. Fifty-three percent say most of those facing foreclosure were tricked by mortgage companies into taking out loans they couldn’t afford, while 47% said those in danger of losing their homes knew they were accepting more mortgage than they should have.
