Four in 10 Americans are saving more because of concerns relating to the financial crisis and 64% ay they know someone who has lost his or her job in the past six months, reveals a new survey of 1,002 Americans by Econ4U, a project of the Washington, D.C.-based Center for Economic and Entrepreneurial Literacy.

The survey also suggests that Americans are worried about the economy and their financial situation if they were to lose their jobs. More than three quarters of respondents, 76%, expect the recession to last for at least another year. And 64% have less than six months of savings in case they lose their job; 39% have two months or less of savings; and 19% have experienced trouble accessing credit in the past six months.

Meanwhile, 83% of respondents say they expect a tax refund this year. And while 31% were planning on spending the refund, 29% say they will put it into savings and 18% say they would use it to pay off existing credit card debt.


“When two-thirds of Americans do not have enough savings to pay their bills for six months if they lost their job, it is clear that the skills of budgeting and saving skills have become something of a lost art in this country,” said James Bowers, managing director for CEEL. ”Increased adult education in economics and personal finance would address the concerns of many Americans and give them the tools to protect themselves during this economic downturn.”

The survey comprised of 500 men and 502 women of 18 years of age and older, living in private households in the continental U.S. Interviewing for this survey was completed during the period March 20-23. The results have a margin of error of +/- 3%.