Dec. 6, 2006 -- Employees at small and midsize businesses across the country are planning to spend less on gifts this holiday season, according to Principal Financial.

In a survey of more than 1,000 workers, only nine percent said they would spend more on gifts for friends and family. A full 71 percent also said they were worried about their long-term financial well-being, the survey found.

"Despite full employment nationally, American workers are most serious about reducing debt and increasing savings," Dan Houston, executive vice president of retirement and investor services at the Principal, said in a statement.

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Published on: Dec 6, 2006