Nearly one-third of consumers believe the economic downturn has not yet hit bottom, according to research by First Command Financial Services Inc.

In a report the Fort Worth financial services provider released last week, 32% of consumers said they think the U.S. economy will fall deeper into recession.

As a result, 67% said they plan to use cash to pay for holiday purchases this year, compared with 49% who plan to use credit. Of those who plan to use cards, 25% say they will use their cards "somewhat less" than last year.

When asked about general spending intentions for next year, 40% of respondents said they plan to cut back on "excessive spending," 35% plan to get out of debt, 29% intend to use cash or debit cards instead of credit cards and 25% will try to live within their means.

"Americans have taken the lessons of this recession to heart," Scott Spiker, First Command's chief executive, said in a press release. "They are looking to curb their spending and get out of debt."

The company's online survey of 1,000 consumers 25 to 70 years old and with household incomes of at least $50,000 was done in November by Sentient Decision Science.

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