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Majority of Americans Have Frugal Fatigue

Consumer Financial Services Service releases latest poll findings

February 16, 2011 - Apprisen Financial Advocates is a local nonprofit consumer Financial Services agency that provides personal Financial Services and financial education. The January poll hosted on the National Foundation for Financial Services (NFCC) website, www.DebtAdvice.org, queried consumers regarding their attitude toward "frugal fatigue," the weariness associated with long-term restricted spending.

It is not surprising that the majority of respondents, 66 percent, indicated they were tired of pinching pennies, but would have to continue that lifestyle. Even though the recession is technically over, that textbook definition isn't being felt in American households. The interesting finding is that more than 20 percent of those weighing in said they had implemented financial lifestyle changes that they found to be positive and intended to keep them in place.

The recession introduced many Americans to a financial lifestyle they had not previously known, one that included tracking spending, creating a budget that was in line with income, and saving for the inevitable rainy day. Even though these positive actions may have been forced upon consumers out of necessity, anytime a person takes control of his or her financial well-being, it's a step in the right direction.

When one in five people makes a decision to permanently alter their financial habits, presumably spending less and saving more, it potentially impacts the economy as a whole. This could be worrisome to some who encourage increased spending as a necessary component to the country's recovery. Nonetheless, it can be argued that a financially stable household is critical to a financially stable America.

The NFCC supports financially responsible behavior, and congratulates those who have embraced it as their new lifestyle. Further, the NFCC encourages the 66 percent of Americans who are reluctantly remaining in the restricted spending mode to examine their current financial habits to see if some of the elements are worth implementing permanently.

The actual poll question and results are as follows - Do you have "frugal fatigue?"

  1. Yes, I am tired of pinching pennies, but will have to continue that lifestyle = 66%
  2. Yes, I am tired of pinching pennies, and have decided to begin spending more = 5%
  3. No, I've not made any spending changes in recent years = 8%
  4. No, I have made lifestyle changes, but they are positive and I intend to keep them = 21%

If you need help dealing with frugal fatigue, call 800.355.2227 and reach out to a trained and certified counselor.

"Note: The NFCC's January Financial Literacy Opinion Index was conducted via the homepage of the NFCC Web site (www.DebtAdvice.org) from January 1 – 31, 2011 and answered by 2,121 individuals.

About Apprisen
Apprisen Financial Advocates, a national nonprofit Financial Services agency, has been helping consumers manage their finances and get out of debt since 1955. Certified counselors provide money management, debt counseling, HUD-approved housing counseling and financial education. Services are provided in- person in 10 states through local offices and nationally by phone or via the Internet. The oldest nonprofit Financial Services agency in the country, Apprisen Financial Advocates is known in its local communities as Consumer Financial Services Service (CCCS). Accredited by the Council on Accreditation (COA), Apprisen is a member of the National Foundation for Financial Services (NFCC), the Better Business Bureau (BBB), and AICCCA. Information is available 24/7. Call 800-355-2227 or visit the website, www.apprisen.com. You can also follow CCCS/Apprisen on Facebook and on Twitter.

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