Survey Supports the Importance of Financial Literacy in Struggling Economy

Key MMI survey findings include:

* Increased savings is on the rise. Compared to MMI’s June 2008 survey, 50 percent more Americans are increasing their savings. Gen Ys are leading the nation at 44 percent.
* A third of consumers say they are spending more quality time with friends and family because of the downturn in the economy. However, 34 percent say they see no silver lining in the current economic condition.
* About 45 percent of Americans are cutting back on grocery shopping. More Americans (55 percent) are using coupons to save on groceries.
* 401(K) contributions remain steady – only 15 percent of consumers surveyed say they are cutting back or eliminating deductions to these plans.