Americans are near the top of the list when it comes to being tight on cash, according to a 2006 ACNielsen study of 40 markets worldwide. Almost one-quarter of Americans say they have nothing left over once they pay basic living expenses, the study shows. Portugal, however, beat the United States for the dubious first spot for the first time since the study began in 2004. Twenty-two percent of Americans say they have no extra cash, down from a high in 2005 of 28 percent.
When Americans do have extra cash, most are putting it in savings or using it to pay off debt. Paying off debt was the top use of spare cash at 41 percent, with putting money into savings coming in at 38 percent, ACNielsen reports.
Here is the list of markets with highest percentage of consumers who have no spare cash:
- Portugal (23 percent)
- United States (22 percent)
- Netherlands (17 percent)
- United Kingdom (17 percent)
- Canada (16 percent)
- France (16 percent)
- Turkey (16 percent)
- Hungary (15 percent)
- Korea (15 percent)
- Germany (15 percent)
The list of how American consumers use their spare cash is:
- Paying off debt (41 percent)
- Putting into savings (38 percent)
- Out-of-home entertainment (28 percent)
- Home improvements/decorating (27 percent)
- New clothes (26 percent)
- Holidays/vacations (25 percent)
- New technology (17 percent)
- Investing (14 percent)
- Contributing to retirement fund (13 percent)