OCR Text |
Show Illinois Farmers Save Over Half of Incomes Increased savings and income tax payments were the major changes in the 1943 wartime pattern of saving sav-ing and spending from the pattern in 1942 as shown in records just summarized for 340 Illinois farm families, according to Mrs. Ruth C. Freeman and Miss Irene Crouch, home economists, Illinois college of agriculture. The saving and spending pattern changed radically in 1943 from the prewar year 1941. Although the amount spent for family living was 14 per cent more than the amount spent in 1941, on the average families fami-lies bought less commodities and services because prices had gone up considerably more 29 per cent than the 14 per cent increased spending. Net money receipts averaged $5,141, which was 41 per cent more than the amount available in 1942 and 9 per cent more than in 1941. Outstanding feature in the wartime war-time use of net money receipts by these 340 families was the large proportion pro-portion used for savings from 13 per cent on the under-$l,000-money-receipts level to 60 per cent on the $5.000-and-over level. Average Aver-age for the whole group was 53 per cent. Savings included on the average aver-age 3 per cent for life insurance premiums, 15 per cent for war bond purchases, 20 per cent for debt retirement and 15 per cent for new investments. Not all the savings can be interpreted inter-preted as financial progress, the home economists point out, because be-cause scarcity of new goods has ! prevented normal replacements. Thus the total depreciation in farm and home inventories was much greater than replacements. |