Survey: Americans Are Cutting Spending & Changing Habits

A new poll, conducted by CNN/Opinion Research, shows that respondents believe, by 86%, that gas prices will top $5 a gallon sometime this year, CNN Money reported. That compares to 78% in April and 28% in May of last year.

To cope with higher gas prices, 66% of those surveyed said they are cutting back on the amount of driving they do and 71% indicated that they are considering buying a more fuel-efficient vehicle.

The poll also shows that 55% of respondents are cutting back significantly on household spending. The poll found that 78% of respondents believe the current state of the nation’s economy is poor or very poor. Only 19% think the economy is somewhat good, and a mere 3% say it is very good.

When asked what economic conditions will be like a year from now, 46% of respondents expect conditions to be somewhat good, while 6% expect very good conditions. Seventy-nine percent of respondents, nearly four out of five, believe the economy is in recession.