Recession Strains American Love Lives More Than Other Nations

ING DIRECT has issued a report today indicating that the current economic recession is splitting up and straining more marriages and relationships in America than in eight other major nations. More Americans also believe that they will have to work at least ten more years before retiring – more than any other surveyed country, ING Direct says. Yet, Americans are the least likely to sacrifice things people in other leading nations are willing to give up like their cars and pets to save money.

Nearly three in ten Americans (29 percent) say the recession has “added stress to,” “strained,” or even “ruined” their marriage/relationship, according the survey. American love lives have been the hardest hit compared to just 12 percent in Germany, 24 percent in France and 23 percent in Canada.

Americans are not just feeling the economic pressure at home; it appears to be affecting their retirement plans too. Forty percent of Americans say the current economic situation will cause them to retire at a later age. Of those Americans who said they will retire later, 34 percent think they will have to work ten or more years than originally planned.

“Whether it’s at home, in the boardroom or in the car showroom, people around the globe are affected by the recession,” said Arkadi Kuhlmann, President of ING DIRECT USA. “The long term benefit is that people are cutting costs, saving more money, and learning to build a financial buffer for their future. Clearly, some of these global trends need to become a habit.”

In general, people around the globe agree that food is the last thing they would sacrifice to save money, but no nation loves their vehicles and pets more than America.

When asked to name the last three things they would sacrifice to save money, 30 percent of Americans said their vehicle. Only Brits (30 percent) love their cars as much, while Italians (14 percent) and Spaniards (18 percent) are more willing to unload their vehicle. In the US, nearly a quarter of Americans (22 percent) put a high priority on pets compared to Canadians (17 percent), French (15 percent) and Italians (12 percent).

Other sociological savings trends from the ING DIRECT study include:

Having a financial buffer in case of emergency is the most important saving goal

— Austria – 53 percent
— France – 43 percent
— USA – 35 percent (#1 saving goal)

Retirement is the most important saving goal
— USA – 16 percent (#3 saving goal)
— UK – 6 percent
— Italy – 2 percent

Avoid credit card purchases to save money
— USA – 46 percent
— Germany – 11 percent
— Italy – 17 percent

Cooking at home, bringing lunch to work to save money
— USA – 51 percent
— Canada – 44 percent
— Italy – 20 percent

The online survey was commissioned by ING DIRECT and conducted by TNS in nine countries where ING DIRECT operates, including Australia, Canada, United States, United Kingdom, France, Germany, Italy, Spain and Austria. In the United States, the survey took place between May 26 – June 9, 2009 among 1,052 adults age 18+

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