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Employees Fret Over Savings

Rising prices are prompting more Americans to cut spending, a survey finds.
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The economic slump has more workers fretting over their retirement savings, as rising prices are prompting many to cut back on spending, according to Principal Financial.

Of more than 1,300 employees recently surveyed by Harris Interactive, 61 percent said they've cut overall spending this quarter, up from 56 percent earlier this year.

Another 71 percent said they were concerned for their financial security, especially with retirement savings and medical costs, the survey found.

"The evidence shows that Americans are continuing to retrench during this economic slump," Dan Houston, Principal Financial's president of retirement and investor services, said in a statement.

Houston said many consumers were struggling to maintain long-term savings plans while coping with short-term expenses. 




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