Georgians cutting spending, still lack savings, survey shows

A new survey from the Georgia Credit Union Affiliates shows that nearly 9 in 10  Georgia members polled say they have significantly reduced their spending in the last year, yet two-thirds are still living paycheck to paycheck.

Among respondents, 46.6 percent cited their job status as the main factor affecting their spending, while 43.4 percent said their debt situation had the biggest impact.

Besides cutting their spending, 60.6 percent of those surveyed reported using coupons, 36.5 percent said they had eliminated vacations and 6.6 were car pooling to save money.

Still 58.4 percent said they couldn’t cover their basic expenses for more than three months if they lost their job or main income source.

23 comments Add your comment

Whirled Peas

August 27th, 2012
10:08 am

The AJC certainly knows, but won’t tell you, that our real problem is Federal Gov’t spending. And the reason they won’t tell you is because we have an election coming up November 2, and they will either not report or else seriously spin anything negative about Obama.

This is the week that our nation’s debt will reach $16 trillion. The AJC will probably not report it or, if they do, it will be with a yawn. Or maybe they will spin it so that it is “all Bush’s fault.”

Forty cents of every dollar spent by the Federal gov’t is money borrowed from somebody somewhere and will have to be paid back by future generations. It is an ugly scenario which will destroy our nation. And it will come as a complete surprise to a lot of people because the AJC and the rest of the liberal press is keeping it as low key as they can as long as Obama is in the White House. If Romney gets the White House and Republicans take over congress, then the press will wake up and the howling about the debt will begin.

Independent voter

August 27th, 2012
10:40 am

Whirled Peas….. you are dead on !!! listen to CNBC or Bloomberg ( not FOX ) for accurate economic news.. and certainly NOT MSNBC

Independent voter

August 27th, 2012
10:42 am

who would you rather have running your company ??? Romney/Ryan or Obama/Biden ????

Destin Dawg

August 27th, 2012
10:45 am

Business and hiring immediately picks up IF Romney wins !!

Interested observer

August 27th, 2012
11:28 am

The recession has certainly made a difference, but most Georgians were already living paycheck-to-paycheck before 2008, unwilling to sacrifice their standard of living to put money aside for the future and willing to go into massive debt to live beyond their means.

Of course we’re cutting back on spending. When you lose a job, take a pay cut, get furloughed or are just worried about the future, you start finding ways to cut back. We’re still adjusting to the new reality of economic uncertainty, and no matter who is elected president, that won’t change.

The “good times” in the mid-2000s were largely due to Americans overspending. Now we’re seeing the other side of the coin — an economy adjusting to a new and reduced level of consumption, lower paying jobs and limited opportunities.

yuzeyurbrane

August 27th, 2012
12:35 pm

Just wait for it to trickle down.

Kevin

August 27th, 2012
12:41 pm

@ Whirled Peas

What does any of what you said have to do with Georgians being poor and irresponsible?

Martavious

August 27th, 2012
1:26 pm

Anyone with a job can put aside a little money, even if it’s only $5 a week. The real key is time…decades of disciplined saving…more than the dollar amount. And resisting the temptation to spend every last cent.

Whirled Peas

August 27th, 2012
1:34 pm

Kevin, that is my point. It has nothing to do with Georgians being poor and everything about why the AJC never reports on the thing that will most impact our financial lives.

Whirled Peas

August 27th, 2012
1:37 pm

Kevin

August 27th, 2012
3:35 pm

@ Whirled Peas

“Reagan proved that deficits don’t matter.” -Dick Cheney

Whirled Peas

August 27th, 2012
4:10 pm

Kevin,

You’re an idiot. Reagan’s deficits look like ant piles next to Obama’s Mount Everest.

Skip

August 27th, 2012
5:33 pm

Right Pea, if not for the AJC Obama would take Georgia.

Johns

August 27th, 2012
6:53 pm

If so many people are living paycheck to paycheck, how are they supposed to pay for mandatory health insurance under Obamacare, let alone save for retirement, or pay for their children’s college education?

Destin Dawg

August 27th, 2012
8:21 pm

Obamacare is just a HUGE tax on all of us middle class folks… just wait.. it kicks in AFTER the election

Be More Specific

August 27th, 2012
8:57 pm

Destin Dawg, please elaborate.

@ Johns

August 27th, 2012
9:03 pm

I guess they’ll just have to budget more wisely or work harder/get better educated to earn a higher salary. I’m sick of picking up the tab for people who use the emergency room like it’s a doctor’s office. What ever happened to personal responsibility?

Also, if you legitimately can’t afford insurance, you should qualify for Medicaid or federal subsidies under the ACA.

sasso

August 28th, 2012
4:12 am

I’m so broke from this obama depression I can’t afford to buy anything good—just getting by with the minimum. what happened to hope and change?

native atlantan

August 28th, 2012
8:12 am

I have adequate money put away to do whatever I wish, but my commission income from a decades long sales job is probably still half of what it should be due to the uneven spending by my customers for supplies in their businesses. My employer is doing what they believe is best for them to succeed, as well they should, but they dont really care about the living wage being made by most of their employees.

haha

August 28th, 2012
9:55 am

Destin Dawg

August 27th, 2012
10:45 am

Business and hiring immediately picks up IF Romney wins !!

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Report this comment

I bet you still believe in Santa Claus to.

It is all about demand.

How is romney going increase demand?

That’s right he will go to war. :)

Regardless of the President each person is responsible for their own fortune, so if things are not rosy for you just look in the mirror and voila, you will see the reason for your fortune/misfortune.

haha ha ha ha

heartofdarkness

August 28th, 2012
5:30 pm

NEWS BULLETIN: Folks, if bloated government (that’s what it is) spending were stopped tomorrow, the plight of those paycheck to paycheck Georgians would be worse, not better. Not only would many jobs disappear which are funded by those federal dollars, but so would many businesses which rely on receiving payment from those Georgians, paycheck by paycheck.
Many prosperous Georgians would be quite uncomfortable, too.
Now, if you have worked out a way to reduce the size of the economy, solve international trade imbalances while funding the world police force, at the same time increase aggregate wages in the US and reverse forty years of concentrated wealth distribution into fewer hands in the US economy, please come back and tell us about it.

Paul

August 28th, 2012
6:53 pm

Does ANYONE want to think about what part of the deficit results from TWO off-the-books wars started by a REPUBLICAN administration? No, thought not.

Ole Guy

August 29th, 2012
4:39 pm

Interested Observer, you hit the nail squarly on the head. We’ve turned into a peoples of nothing less than instant gratification…make a buck; spend a buck, and a few bucks more. I have absolutely no sorrow for those who profess to experience “hard times” I honestly don’t believe these folks have the remotest concept of “hard times”, but simply “not happy…make me happy” times.