Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

All Generations Find Ways to Cut Spending

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No matter how old we are, we’re all taking steps to trim spending – and hopefully pay off debt and or increase savings. .  Sandwich generation baby boomers seem to be making the most changes.  But it’s interesting to see that across the generations the recession is changing some spending behaviors.

Here’s the list from the latest Harris Poll.  Sure not hard to see why magazines and newspapers are feeling the pinch.  More of us are finding that bottled water is not a necessity. So many of us are taking small steps to improve our financial future.

I’d add cancelling a gym membership.  Done it myself and turned to walking outside and DVDs.

Also using more coupons across all generations in our households.

My echo boomer children would add – shopping in Mom’s pantry.

 Do you have any tips to add?
 

SPENDING/SAVINGS OVER PAST SIX MONTHS – BY GENERATION
“Have you done or considered doing any of the following over the past six months in order to save money?”
SUMMARY OF ‘HAVE DONE’

Base: All adults

    Total   Generation
    EchoBoomers(18-32)   Gen. X(33-44)   BabyBoomers(45-63)   Matures(64+)
  %   %   %   %   %
Purchasing more generic brands   64   58   62   69   67
Brown bagging lunch instead of purchasing it   47   53   52   55   15
Going to the hairdresser/barber/stylist less often   43   40   42   47   41
Switched to refillable water bottle instead of purchasingbottle of water   36   38   32   38   34
Cancelled one or more magazine subscriptions   34   21   30   41   44
Cut down on dry cleaning   22   15   18   28   29
Stopped purchasing coffee in the morning   20   21   25   21   13
Cancelled or cut back cable television service   21   23   20   23   14
Cancelled a newspaper subscription   21   12   20   24   28
Begun carpooling or using mass transit   14   24   12   13   4
Changed or cancelled cell phone service   15   12   17   16   13
Cancelled landline phone service and only using cell phone   12   15   17   10   6

Note: Percentages may not add to 100% due to rounding The Harris Poll® #121, October 27, 2009 By Humphrey Taylor, Chairman, The Harris Poll

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Written by Laura Rossman

October 28, 2009 at 1:56 pm

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