Californians saving more, spending less

A new survey by lending giant Citi shows Californians remain uneasy about the economy and job growth; favor spending cuts over tax increases to close the state's budget deficit; and are spending less and saving more.

Citi's California Pulse quarterly survey of 1,200 residents released today asks Californians their remedies for curing the state's budget crisis, and for their take on the state's economy and California's future.

Californians put little stock in today's economy or job market – more than nine in 10 believe the state's economy is just fair or poor, the survey reveals; 65 percent say the state is on the wrong track.

The results "demonstrate that Californians still see challenging conditions in the state," said Rebecca Macieira-Kaufmann, president of Citibank California. She said Californians are changing their habits in response by saving more and reinvesting in their homes.

"They're taking responsibility for their spending and making a decision to take action against the economy," Macieira-Kaufmann said. "Their personal situation is still challenging."

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