Spending and Saving Trends of 2011

If you’re looking for a Magic 8 ball that reveals the trend for the U.S. economy, you might be hoping for a “Outlook Good.”

It’s more likely that you’ll get a “Reply Hazy, Try Again.”

A just released survey of American consumers reveals that 55% of women will spend more or the same this year and 59% of men are in that optimistic place too.

The survey provides unique insight into the financial plans of men and women—and consumers in general—in 2001, including:

  • 31% of men and 34% of women say they want to reduce spending and increase savings in 2011
  • 17% of Americans have no financial strategy for 2011
  • 35% of men and 36% of women will spend more on dining out in 2011

However, other results from the Western Union Payments’ Money Mindset Index suggests that consumers are saving less and feeling more stress with the economy. In fact, more than a quarter of all consumers say they do not save and this financial stress is taking a toll on personal lives.

To ease the financial pain, employed consumers are canceling their second credit cards and unemployed/part-time employees are canceling cell phones; consumers are also planning on paying bills with cash or debit.

Now that you know the cold hard facts, plan ahead and stay on budget in 2011!