Retirement Losses among Worst Effects of Recession

Some 56% of respondents in a recent survey said their retirement savings losses were among the most significant impacts on their lives from the economic downturn.

An American Express news release about its spending poll also reported that 54% of respondents cited stock market losses, while 74% pointed to the trauma of seeing family and friends affected by the recession as key impacts the recession had on their lives.

Among the 40% of respondents who said they would spend less in the next 30 days, the top three reasons were “trying to save money,” “reducing debt,” and that they “have the money but feel now is not the time to spend.” Further, when asked what they would do with $500 of found money, 26% would save it, while one-third of respondents said they would pay off their regular monthly bills.

American Express said young professionals were more optimistic about the economy and more likely to increase spending during the next 30 days (24% versus 14% of the affluent and 10% of the general population).

The American Express poll was completed online among 2,032 consumers aged 18 and older. Interviewing was conducted by Echo Research between August 28 and 30. The poll divided into two subsets: affluent respondents (having a minimum annual household income of $100,000) and young professionals (younger than 30 years of age, having a college degree, and a minimum annual household income of $50,000).