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Report: Despite cheaper gas, 60 percent of Americans still cutting spending

(AP Photo/David Goldman)

PHOENIX — About three in five Americans are still limiting their monthly spending despite a dip in gas prices, a financial website said.

BankRate.com said the largest reason Americans aren’t spending is stagnant income, followed closely by a desire to save more, concerns about the economy and carrying too much debt.

Americans between the ages of 50 and 64 are the stingiest, with 73 percent holding back their spending. Those who are 65 and older are the freest spenders, with just 48 percent restricting their expenses. Millennials are more than twice as likely as other age groups to say they’re limiting their spending because they need to save more.

Greg McBride, the site’s chief financial analyst, said a disappointing September jobs report cut sentiments of job security.

The site said the trend is concerning ahead of the holiday season and retailers should continue to offer steep discounts to encourage spending.

The survey cited by BankRate.com was conducted by Princeton Survey Research Associates International.

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