Why nearly 3 out of 4 Americans say they are pinching pennies

Stagnant income, the desire to save money and worries about the economy are the most often cited reasons given by the nearly 3 in 4 Americans who say they’re holding back on spending, according to a Bankrate.com survey.

Wondering why many would-be homebuyers are sitting on the fence? The survey found that although every age and household income bracket above $30,000 reported higher net worth than a year ago, almost twice as many employed Americans are feeling less secure in their jobs now than those who are feeling more secure.

Bankrate’s “Financial Security Index” — readings below 100 indicate deteriorating financial security — dropped for a fourth consecutive month, to 97.4, the lowest reading since February. Source: prnewswire.com