Frugality—the new American lifestyle 5 years after crisis

Despite the soaring stock market and housing market rebound, Americans appear to have learned their lesson about living beyond their means.   

The frugality and investing discipline that the 2008 financial crisis imposed on Americans appear to have led to permanent changes in behavior on money matters, according to a survey by the nation's second largest mutual fund company.

Spendthrift ways are unlikely to again become as pervasive as they were before the crisis, Fidelity Investments concluded Wednesday in releasing results of its "Five Years After" survey of nearly 1,200 investors.

Positive behaviors that appear to be now entrenched include saving more in tax-deferred retirement accounts, paying down debt and taking greater care to invest wisely.

John Sweeney, an executive vice president on retirement and investing with Boston-based Fidelity, told the Associated Press: "People are taking control of their financial lives, and control breeds confidence."

According to AP, key survey findings include:

* 56% reported their financial outlooks changed from feeling scared or confused at the beginning of the crisis to confident or prepared five years later.

* Survey participants estimated their household had lost 34% of the value of their total assets, on average, at the low point of the crisis. At least 35% experienced what they considered to be a large drop in income, and 17% said at least one head of their household lost a job.

* 42% increased the amounts of regular contributions to workplace savings plans, including tax-deferred retirement savings accounts or health-savings accounts.

* 55% said they feel better prepared for retirement than they were before the crisis. However, among the group of survey participants who reported they continue to feel scared, just 34% said they're better prepared for retirement.

* 49% have decreased their amount of personal debt, with 72% having less debt now than they did pre-crisis. Just 31% of those who indicated they're still scared reported that they have reduced debt.