Americans Resolve to Increase Savings and Reduce
Debt in 2010, First Command Reports
First Command Financial Behaviors Index™ Rises toHighest Level since May 2008
February 02, 2010 11:40 AM Eastern Time
FORT WORTH, Texas--(EON: Enhanced Online News)--American families are starting 2010 with a strong
commitment to bump up their savings and cut back on debt, intensifying a growing trend toward fiscal responsibility
Fourth-quarter findings of the First Command Financial Behaviors Index™ reveal that the ranks of middle-class
consumers with a positive savings-to-debt ratio – total savings compared to total debt – climbed to 42 percent in
December, the highest level in the history of the Index. Moreover, the percentage of respondents with a positive
savings-to-debt ratio reached 55 percent among families with a financial planner – an 11-point increase since July.
“Americans have made a New Year’s resolution to ensure their financial security in 2010,” said Scott Spiker, CEO
of First Command Financial Services, Inc. “The commitment is particularly strong among those with a financial plan.
These goal-oriented consumers are redoubling their efforts to secure a strong financial future and achieving a greater
sense of hope and security in the process.”
This new frugality can be seen in the growing number of consumers who have permanently cut back on spending. In
December, 27 percent of Americans indicated that they have cut back for good, nearly double the 14 percent who
expressed the same sentiment at the beginning of 2009. The trend was underscored during the 2009 holiday
shopping season, when 58 percent of survey respondents indicated that they would spend less than they did in 2008.
Their cost-conscious behaviors were a repeat of 2008, when consumers responded to the economic turmoil with a
reduction in holiday spending.
The desire of American families to increase savings and decrease debt can also be seen in their financial aspirations
for 2010. They have resolved to: