Americans were becoming frugal before the economy's decline, but the recession has accelerated this trend.
The biggest news out of the Pew study was that "more than half of the adults in U.S. labor force (55%) have experienced some work-related hardship--be it a spell of unemployment, a cut in pay, a reduction in hours or an involuntary move to part-time work.
In addition, the bursting of the pre-recession housing and stock market bubbles has shrunk the wealth of the average American household by an estimated -20%, the deepest such decline in the post-World War II era, according to government data."
Read the entire article here...
Forbes.com - John Zogby - How The Recession Has Changed America's Spending
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