Cincinnati Residents Changing Financial Habits

The economic downturn has caused residents in Cincinnati, Ohio to change their financial habits, according to a recent survey from Nationwide Insurance and the Smiley Group.

More than 60 percent of people are eating out and seeking entertainment less, the survey said. Almost 40 percent of consumers that cut back on those specific expenses plan to continue doing it. Engaging in this type of behavior is one way those struggling financially can work on debt relief.

In the African-American community, 42 percent have created a household budget as compared to 26 percent of the rest of the city's population, the survey said. They have also made other financial changes, including 25 percent who are using cheaper transportation alternatives. This section of the population is also more concerned with minimizing debt and creating an emergency fund.

While positive changes have been made in this Midwestern city, the survey found that more residents need to become financially literate and learn monetary planning, Nationwide Insurance said.

If a person feels like they need assistance working through their financial problems, they should seek out a debt counselor. However, experts suggest that they conduct thorough research beforehand.