WOODBRIDGE, Va. — One of the folks on the front line, Kelli Jo Anthon, financial counselor for Belvoir FCU, isn't so sure the economic downturn will teach people the errors of their non-saving ways.
"Those who have been hit hard and may have been under-prepared for the possibility of a job loss are feeling significant impacts on their ability to save," she said. "There have always been those who are savers and those who are not."
Anthon said that whether the current economy will affect consumers' savings habits in the long-term still has yet to be seen, adding it will be interesting to see if those who are experiencing the worst of this current economy will make positive changes in their savings habits in the long-term.
"As evidenced recently in all forms of the media, thrift has already become fashionable," she said. "Many companies have put a spin on their advertising that emphasizes saving and making economical choices. There has definitely been a value shift for those who may have been hit the hardest in recent months, but for those who may not have been as affected by the recent economic climate, there may be little or no change in future savings habits once the economy recovers.
"In my experience counseling members of our credit union, I've observed that it often takes a significant life event such as job loss to cause a change in financial behavior, and even then it is difficult for members to make needed changes when they have managed - or mismanaged - finances in a certain way for a long time."
