Low wages and tight lending conditions forced many Americans to adjust their spending habits during the recession.
But a recent study by online investing firm Scottrade showed that consumers are spending more and increasing their poor credit history card usage as they become less concerned about the financial markets. Sixty-three percent of last year’s respondents were worried about the financial markets, compared with 45 percent in 2010.
"Americans appear more relaxed about retirement and are far less worried about their finances overall," Craig Hogan, director of consumer intelligence at Scottrade, said. "The number of people who reported being concerned about issues such as day-to-day expenses, education costs, paying off poor credit history cards and saving for big ticket purchases didn’t just decline – each category hit a four-year low."
While many have increased their current spending, they have also cut back on savings for retirement. Forty percent of respondents said they are not actively planning for retirement, up from last year’s 35 percent, according to the study.
A separate study by Fidelity Investments showed that the cost of healthcare for retiring couples has become increasingly expensive, with those planning to retire in 2010 requiring about $250,000 to cover their projected medical expenses.
