1,072 people respond: “Are you spending less because of a possible recession?”
February 01st, 2008 - 24 Comments
[RSS readers, click here to see the slideshow in this post]
Earlier this week, I took a survey on whether people were spending less because of a possible recession. In just over a day, I got 1,000+ responses (like my earlier research on women and gender). I have very low standards, so two successes is enough for me. Today, I’m announcing that I’ll be doing regular surveys on interesting personal-finance topics. If you have an idea, just add a comment to this post. You’ll have access to a large user base and professional analysis. Basically, I’ll do all the work!
Before I present the data, I want to give a huge thanks to Rob Rubin, who’s helping with the analysis. He’s got a great suite of products:
1. First, search FindABetterBank to find banks that match your criteria (high-interest, online, local ATMs…)
2. Once you match, use BankSwitcher (“Switching banks is hard…we make it easier”)
Rob is so great that last night around midnight his time, I pointed out that he was missing my favorite checking account (the Schwab checking account). By 9am this morning, he’d added it to his database. Please check out his sites — they’re extremely useful.
Without further ado, here are the results of this week’s survey! [RSS readers, click here.]
Slide 2 — Women and baby boomers are most worried about a recession.
Slide 4 — Most people have reduced their spending by less than $50/week, but 14% have cut spending by over $100/week.
Slide 6 — Restaurants and recreational expenditures are likely to be hit hardest by lower spending.
[Too small to read? Click here for a larger version]
What questions would you like to see in future research? Leave a comment here.
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