30% of Americans are cutting back on spending: Survey

While consumer confidence has risen to a high in August, 30% of Americans have cut their spending due to concerns on the economy, according to a TD Bank survey. Is it time for more consumers to curb their spending?
TD Bank head of US credit cards and unsecured lending Chris Fred joins Wealth! to give insight into consumer spending trends and what consumers should know about how to take care of their wallets.
"We're also seeing consumers feel like they actually have the ability and the confidence to manage their finances. It's just a lot of work... it necessitates a fair amount of grit and work to be able to manage your cash flow and your finances, and so definitely see this this weighing on consumers, but... Americans continue to be quite resilient," Fred explains, emphasizing that it's "a lot of work and a lot of anxiety" for consumers.
The TD Bank survey also found 67% of respondents to be losing sleep over their financial situations.
"Knowledge really is power, when you think about how you're spending, where you're spending. If you don't necessarily know what those are, it's really hard to build a budget, it's really hard to understand how that relates to your income stream and things of that nature," Fred tells Yahoo Finance. "There's so many tools out there for you to go after."
#stockmarket #youtube #news

About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

- Follow Yahoo Finance on social:

[Chicago]

Americans overspend. Look at the over supply of JUNK that's sold in the thrift stores. People just buy buy buy. Then they dispose of what they bought. We're pathetic and out of control.

[ericp]

Everyone except government employees cutting back

[RishimaLovirishimalovie]

Coinbase, OKX and Binance will list AWS15K very soon. We do not have much time left

[Dearietang]

Your advice led me to AWS15K, holding for 5x gains. Exciting listings ahead!

[HeadStronger-HS]

What do they expect when the money supply is doubled in 3 years?

[sandtoy]

Meh. Create a budget and follow it, not rocket science

[nesfromthewestneverendings]

Cut back on coffee? Yeah, because it totally takes a bunch of labor and money to make a damn coffee that’s made out of mostly water. Give me a break. How about lower the price of coffee instead of asking people to cut back

[douglasblum]

But but but..the govt just revised the GDP to 3% based on robust spending from consumers....something is not mathing.

[joseafalvel]

is really Brad an Eagle fan ? I am haha, it would be another reason why I like him

[williamelewis]

We aren’t cutting back on spending, I’m just choosing not to shop in certain places because of what the company has chosen to do or what the CEO’s claim their reasoning is for firing people for their stock prices, so they bonus for the quarter. It’s not personal, it’s business, and me finding the best way to hurt companies bottom line

[TomEdwardi]

!!I recently sold some of my long-term position and currently sitting on about 250k, do you think Nvidia is a good buy right now or I have I missed out on a crucial buy period, any good stock recommendation on great performing stocks will be appreciated

[trinhhachi]

Just watched your video discussing AWS15K and I am very excited about this

[caoarizona]

It is very hard to see project which can be used in real life like AWS15K 🥳🥳🥳

[DelvinDiana]

Your video convinced me to invest in AWS15K, expecting 10x gains. Excited for listings!

[orborneellen]

Bought AWS15K after watching your video, super excited! 💰

[mark-sg]

I glad to have an adviser who is excellent in what he's , you changed my entire life and I will continue to preach and song your praises on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Julie Brown Investment!!

[dhararet]

Appreciate the tips! AWS15K is going to 5x! 🚀

[nitzade]

Appreciate the advice! Bought AWS15K at $1, holding for 10x gains. Major exchanges like Coinbase, Bybit, and Binance are set to list it soon. Your insights always lead to great investments. Excited about this opportunity, thanks for the tip! Looking forward to significant returns!

[brandonvlora]

Loving SOL and AWS15K! Following your advice has made me $30K in profits. Super excited for the future of these projects!

[elisesara]

Appreciate the tips! Got AWS15K, predicting big returns. Major exchanges confirmed!