A report by PNC Wealth Management confirms what everyday experience and commonsense suggests: the recent recession has forced people to live within their means.

Some 88 per cent of US citizens surveyed by PNC say they believe it is “more important than ever to live within my means”. Some 42 per cent of respondents said the economic crisis has hit their family budgets, while 34 per cent suffered a negative effect on their lifestyle. The findings came from the sixth annual Wealth and Values Survey.

Just over half (51 per cent) believe the recession has changed the way their children will manage their finances and has prompted nearly half (47 per cent) to discuss money management with their children.

“For wealthy individuals, the recession has presented an ideal opportunity for a strategic analysis of their current lifestyle,” said Steve Pappaterra, senior vice president and managing director of wealth planning for PNC Wealth Management.

The survey, which was carried out among 1,046 wealthy individuals, all of whom have at least $500,000 in investable assets, also revealed that they have been impacted in other ways by the recession. Four in 10 (42 per cent) have cut their spending on non-essential goods, while close to a third (29 per cent) have provided financial assistance for friends or family who need it.

Among the ultra-wealthy (those with $5 million or more in assets), 39 per cent are more likely to have provided financial assistance to friends or family, compared to 26 per cent of those with assets of $500,000 to $1 million.