A Foolish Take: Attitudes about saving money have changed

A Foolish Take: Attitudes about saving money have changed

Saving money for most of us has become an increasingly difficult task.

This shouldn't be a surprise. After all, how many times have you read or heard about someone in an older generation who attributed their frugality to memories from the Great Depression?

Yet for a country that looks to consumer expenditures to account for the majority of gross domestic product, this change in preference may not bode well for economic growth.

And there's reason to believe that people's minds won't change on this score anytime soon. As Gallup's Jim Norman notes: "While Americans' recession-born financial fears have abated as the national economy has improved, the increased desire to save has held firm."

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