A new National Foundation for Credit Counseling (NFCC) poll asked consumers if they had a spending problem, savings problem, neither or both.
The majority, 62%, identified themselves as having problems related to both spending and saving.
Consumers are showing signs of a willingness to begin spending again, and according to Gallup, monthly spending hit a four-year high in December.
As further proof of an increased comfort level with spending, the National Retail Federation projected that Super Bowl spending likely would reach $12.3 billion this year, or close to $70 per consumer related to this one event. The spending wasn’t confined to chips, dips and wings, but extended to big ticket items with 7.5 million households expected to buy a new TV for the big game, compared to 5.1 million last year.
“The good news is that having a problem with both spending and savings is actually just one problem: spending,” said Gail Cunningham, spokesperson for the NFCC. “The bad news is that overspending is often tied to deep-rooted behavior, making it very difficult to change."
The NFCC cautions consumers that they may have jumped back into spending at the wrong time. Since paychecks are now smaller because of the increase in the Social Security payroll tax.