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Survey results: Worries about a recession

                    • 1,072 respondents were surveyed from
                      http://www.iwillteachyoutoberich.com about their
                      reactions to news of a recession
                    • I Will Teach You To Be Rich is a blog on personal
                      finance and entrepreneurship for college students,
                      recent college grads and everyone else
                                 – Featured in the New York Times, Wall Street Journal and
                                   more
                                 – Contact: ramit@RamitSethi.com



                                                              Analysis brought to you by:
                                                              www.FindABetterBank.com



                                                           http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
Snapshot

                    Who’s worried about a recession?
                    • Women. Forty-one percent of women versus only
                      26% of men.
                    • Baby boomers. Over 57% of people over 45
                      compared to only 24% of people under 30.

                    Who does the worrying hurt?
                    • Restaurants. Eighty-five percent of people worried
                      about a recession have been eating out less.
                    • Bars, movie theaters, etc. Three-quarters of the
                      worriers also indicated that they’ve cut back on
                      recreational activities.

                                                           http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
Has recent news of a recession made you reduce your
  spending? (Gender)

                             Percent responding “yes”

                                                                                           “I changed my hair color back to natural to save the
                                                                                           expense of maintaining the color.”

                                                                                           “Been more hesitant to bring up my pending review
                                                                                           with my boss. He keeps talking about cutting costs,
    Female                                                                    41%          so I’ll stay quiet until things look brighter.”
      (n = 313)

                                                                                           “Decided to stop buying big-ticket items and travel
                                                                                           less for fun for a while”


                                                                                           “We've pulled back discretionary spending to increase
                                                                                           our savings rate. This may allow us to take advantage of
                                                                                           value opportunities during the recession.”

          M ale                                                 26%                        “Slowed down on excess.”
        (n = 759)
                                                                                           “I've consciously looked at how I have been spending.
                                                                                           Spending $1.69 for a bottle of water at Whole Foods is
                                                                                           not worth it to me anymore!”


                        0                 10               20   30       40        50

                                                                 http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
Has recent news of a recession made you reduce your
  spending? (Age)

                                                                       Percent responding “yes”
              70%
                                     “I have become more cognizant about moving money
                                     into stocks while good opportunities are undervalued.
              60%
                                     Being in for the long haul, I can afford to take the hit                                              60%
                                     over the next several months until things turn around.”                                57%
              50%                                                                                        51%

                                                                                           44%
              40%
                                                                                                                   “I'm focused on paying off bills and
                                                                                                                   building up a financial cushion in
              30%                                                                                                  case of unexpected job loss, etc.”
                                                                           30%

                                     24%                    24%
              20%                                                               “We have slowed down tremendously because
                                                                                the fall of the housing market. My husband has
                                                                                his own business and unless it picks up we are
              10%                                                               going to be in real financial trouble.”


                 0%
                                  18 - 24                  25 - 29       30 - 34         35 - 39       40 - 44           45 - 49          50 +
                                    (n = 293)              (n = 392)      (n = 150)       (n = 101)     (n = 65)          (n = 30)        (n = 40)



                                                                                        Age
                                                                       http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
If so, how much have you reduced your spending by?

    “Saving more money now so that once we're
    firmly in a recession I can put into the market.”

    “Shopping for less expensive options for the
    goods and services I am use to getting: Health
    insurance, cell service, cable TV etc.”
                                                                              $100 +                      “I'm more frequently asking myself, quot;Do
                                                                               14%                        I really need this?quot; before I buy
    “I've become more focused on paying                                                                   something or make an extra car trip.”
    my consumer debt off completely.”
                                                                                                          “I'm trying even harder to get an
                                                                       $50 - $100
    “Just cutting back on the spontaneous                                                Less than $50    emergency fund together. Especially
                                                                         28%
    going out; still keeping vacations and                                                   58%          since I should be finishing with school
    planned events.”                                                                                      soon.”

                                                                                                          “I don't go out or buy clothes as much.”



                                                                      Spending per week
                                                           Base: Respondents who have reduced their spending
                                                                                    (n = 326)



                                                                   http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
What have you reduced your spending on?


                              Eating out                                                                        85%



                            Recreation                                                                    76%



                       Driv ing / Gas                                             36%



                               Groceries                                  27%


                                                           0%    20%              40%               60%   80%         100%
                                                                 Base: Respondents who have reduced their spending
                                                                                            (n = 326)

                                                                http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.
Analysis brought to you by FindABetterBank




                                                           www.FindABetterBank.com
                                                               http://www.iwillteachyoutoberich.com
©2008 www.iwillteachyoutoberich.com All Rights Reserved.

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Are you spending less because of a possible recession?

  • 1. Survey results: Worries about a recession • 1,072 respondents were surveyed from http://www.iwillteachyoutoberich.com about their reactions to news of a recession • I Will Teach You To Be Rich is a blog on personal finance and entrepreneurship for college students, recent college grads and everyone else – Featured in the New York Times, Wall Street Journal and more – Contact: ramit@RamitSethi.com Analysis brought to you by: www.FindABetterBank.com http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 2. Snapshot Who’s worried about a recession? • Women. Forty-one percent of women versus only 26% of men. • Baby boomers. Over 57% of people over 45 compared to only 24% of people under 30. Who does the worrying hurt? • Restaurants. Eighty-five percent of people worried about a recession have been eating out less. • Bars, movie theaters, etc. Three-quarters of the worriers also indicated that they’ve cut back on recreational activities. http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 3. Has recent news of a recession made you reduce your spending? (Gender) Percent responding “yes” “I changed my hair color back to natural to save the expense of maintaining the color.” “Been more hesitant to bring up my pending review with my boss. He keeps talking about cutting costs, Female 41% so I’ll stay quiet until things look brighter.” (n = 313) “Decided to stop buying big-ticket items and travel less for fun for a while” “We've pulled back discretionary spending to increase our savings rate. This may allow us to take advantage of value opportunities during the recession.” M ale 26% “Slowed down on excess.” (n = 759) “I've consciously looked at how I have been spending. Spending $1.69 for a bottle of water at Whole Foods is not worth it to me anymore!” 0 10 20 30 40 50 http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 4. Has recent news of a recession made you reduce your spending? (Age) Percent responding “yes” 70% “I have become more cognizant about moving money into stocks while good opportunities are undervalued. 60% Being in for the long haul, I can afford to take the hit 60% over the next several months until things turn around.” 57% 50% 51% 44% 40% “I'm focused on paying off bills and building up a financial cushion in 30% case of unexpected job loss, etc.” 30% 24% 24% 20% “We have slowed down tremendously because the fall of the housing market. My husband has his own business and unless it picks up we are 10% going to be in real financial trouble.” 0% 18 - 24 25 - 29 30 - 34 35 - 39 40 - 44 45 - 49 50 + (n = 293) (n = 392) (n = 150) (n = 101) (n = 65) (n = 30) (n = 40) Age http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 5. If so, how much have you reduced your spending by? “Saving more money now so that once we're firmly in a recession I can put into the market.” “Shopping for less expensive options for the goods and services I am use to getting: Health insurance, cell service, cable TV etc.” $100 + “I'm more frequently asking myself, quot;Do 14% I really need this?quot; before I buy “I've become more focused on paying something or make an extra car trip.” my consumer debt off completely.” “I'm trying even harder to get an $50 - $100 “Just cutting back on the spontaneous Less than $50 emergency fund together. Especially 28% going out; still keeping vacations and 58% since I should be finishing with school planned events.” soon.” “I don't go out or buy clothes as much.” Spending per week Base: Respondents who have reduced their spending (n = 326) http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 6. What have you reduced your spending on? Eating out 85% Recreation 76% Driv ing / Gas 36% Groceries 27% 0% 20% 40% 60% 80% 100% Base: Respondents who have reduced their spending (n = 326) http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.
  • 7. Analysis brought to you by FindABetterBank www.FindABetterBank.com http://www.iwillteachyoutoberich.com ©2008 www.iwillteachyoutoberich.com All Rights Reserved.