Consumers Gone Un-Wild

A consumer crackdown on personal finances is one byproduct of the recession.

For one, consumers are plotting out their budgets and hunting early for holiday bargains, according to the Western Union Global Business Payments Mindset Index released today.

Indeed, the survey shows 33 percent of respondents will shop early this year, and 43 percent plan to cut back on buying holiday gifts.

“As consumers make plans to celebrate the holidays with friends and family, even small budget cutbacks can be a big step toward alleviating stress,” says David Shapiro, senior vice president of Western Union Global Business Payments. “Consumers can increase their financial confidence and improve their bill payment strategies well into the New Year – if they start planning their budgets now.”

Which is exactly what consumers are doing, according to the Index. Specific 2010 resolutions include:

1. Pay bills on time (65 percent)
2. Save more money out of each paycheck (65 percent)
3. Pay all bills online or automatically (49 percent)

The survey results stem from Javelin Research surveying more than 3,000 consumers online about their current behaviors and emotional mindset regarding debt and personal finance issues in August.

Tags: holidays, outlook, personal.finance, westen.union