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Americans More Frugal Post Recession

“Five Years After” the 2008 financial meltdown, Americans are more likely to both invest in 401(k)s and IRAs, and carry less personal debt. This was the finding of a report released this week by the country’s second largest mutual fund company, Fidelity Investments.

When the financial crisis started, nearly two-thirds (64 percent) of investors reported they were either scared or confused. Investors had good reasons to feel this way, as nearly half (47 percent) of respondents said their household lost significant assets as a result of the crisis – with an average loss of 34 percent at the lowest point. Additionally, 17 percent said the head of their household lost a job and 35 percent of households experienced a large drop in income. While these data highlight the downside of the crisis, more than half (56 percent) moved beyond their feelings of fear and confusion and significantly altered their financial mindset and behavior in a positive way.

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“Emerging from the depths of the crisis, many investors found resolve and started taking control of their personal economy,” said Kathleen Murphy, president of Personal Investing at Fidelity Investments.

Read the entire “Five Years After” report on the Fidelity website.

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