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The recession has a silver lining

Published: Wednesday, April 3 2013 12:08 p.m. MDT

In this file photo, shoppers walk along Fifth Avenue in New York, a prime retail destination. As the economy recovers from the recession, Americans say they are saving more than before.

Mark Lennihan, Associated Press

Enlarge photo»

The financial crisis had at least one positive effect: it influenced almost half of Americans to start emergency savings, according to an article by Time.

Even as the economy starts to improve, nearly half of those surveyed by Fidelity said they are still saving more, reducing debt and building an emergency fund.

Of those who have made financial changes, 78 percent say they are permanent because they created a new finance strategy. The increased financial changes have left those saving feeling less scared.

When the crisis first hit, 64 percent of people said they were frightened and 45 percent said they were prepared. Now, 61 percent say they are prepared, while only 45 percent say they are scared.

Those surveyed came from households with investments. On a broader scale, the findings may not be so positive, according to the Time article.

Some indicators show savings have declined. Either way, just as the Great Depression inspired financial frugality for years, the recession may have had a similar effect.

EMAIL: alovell@deseretnews.com

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