Moms Scale Back Greedy Habits, Rein in Finances

November 3, 2008

This article is included in these additional categories:

Analytics, Automated & MarTech | Financial Services | Retail & E-Commerce | Women

Fully 80% of online mothers in the US say most Americans have been encouraged to overextend themselves, while 58% think the average American is too greedy, according to a survey of how American moms are dealing with the current economic troubles, reports Retailer Daily.

Moms are looking for ways to rein in their household finances, with two of three moms surveyed (65%) eliminating purchases that are not absolutely necessary, and half (52%) cutting back in general, the survey by advertising agency Allen & Gerritsen (a&g) found.

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Additional findings:

  • 71% of moms report they have made more sacrifices this year than last year. They are adapting by changing how they manage their budget, buy food and make financial decisions; however, childcare and medical needs will not be compromised.
  • More moms blame the government (not enough oversight or regulation) for the economic crisis than blame the banks (32% vs. 16%).

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  • 94% of moms say it is more important to seek regular medical care for their families than themselves.
  • 62% of moms say they are less greedy than the American average.
  • 51% of moms say don’t see the economic situation improving within the next year.

“For the last few years, there have been a number of cultural trends that demonstrate the idea that Americans deserve to indulge, buying bigger homes and better cars and other luxuries. Most moms believe this culture contributed to the financial crisis we are in,” said Catherine Kolodij, VP, audience intelligence director at a&g. “Clearly the economic downturn has affected us all. Moms, however, are responsible for most household management decisions.”

About the study: 431 American women with children under age 18 in the household participated in the online survey between October 3 and 4, 2008. A whitepaper (pdf) based on the survey is available for download.

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