The best ways to save amid looming economic uncertainty

According to a report by the BofA Institute, consumer spending is cooling off

Renewed fears of a possible recession have prompted more households to finally adjust their spending habits.

By and large, Americans are cutting back on spending, particularly when it comes to discretionary shopping, and are saving more, according to recent US Consumer Protection Agency reports on the state of the consumer Institute of Bank of America And Deloitte.

According to a new Country Financial Security Index, 71% of Americans now have cash on hand.

To save more, about half of all adults are eating out less often and 42% have changed the way they shop for groceries, the study found Country Financial Report, which was made available exclusively to CNBC ahead of its general release on Wednesday. Other consumers are driving less to save on gas or canceling some streaming services.

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“With increased inflation, Americans are doing what they can to make ends meet,” said Chelsie Moore, board-certified financial planner and director of wealth management solutions at Country Financial, based in Bloomington, Illinois.

“A market with high interest rates favors savers over lenders,” she said. “That means those who save get paid more for it.”

While Americans are more willing to keep cash on hand, most said they don’t know how best to save to meet their short- or long-term savings goals, according to Country Financial.

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Financial strategies for a secure future The best ways to save amid looming economic uncertainty

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