Personal budgeting leading more people to generics

11/04/2009

According to a recent survey, money management continues to be on the mind of consumers as they focus on personal budgeting.

A Harris Interactive poll shows that 64 percent of respondents said they switched to buying generic brands in order to save money. Furthermore, 47 percent of those surveyed said they are bringing their lunch to work rather than eating out.

"These reduced spending patterns reflect a big increase in savings, and economists have been telling us for years that we need to increase savings," a report from Harris stated. "They also show that most people are taking prudent actions to protect themselves in bad economic times."

Along with generic brands and eating in, a number of respondents said they have cut back on going to the salon and barbershop (43 percent). Consumers also appear to be cutting back on entertainment costs, with 21 percent or respondents saying they canceled, or cut back, their cable television service.

As far as saving money goes, recent statistics from the Bureau of Economic Analysis show that people are putting away more money. The BEA reports that personal savings increased 3.3 percent as a percentage of disposable income in September.

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