Fully one-third of Americans are planning to reduce how much they spend on "financial vices" because of the economy, according to research from Bankrate.com, with important implications for advisors and their clients.
The survey distinguished six different vices — alcohol, lottery tickets, casino games, tobacco, sports gambling, and marijuana — and showed that 84% of Americans spend money on at least one of them. 32% do so at least once a week, half do so monthly, while 11% take on debt to partake of their vices.
