A weak economy has forced many Americans to re-evaluate their financial status, and according to the most recent Principal Financial Well-Being Index, released today, Americans are spending less and focusing more on their long-term financial future.

“The American people get it – we’re experiencing some of the worst economic conditions of our lifetime,” said Dan Houston, president of retirement and investor services at Principal Financial Group Inc., in a press release. “Fear of the unknown has ushered in an era of personal responsibility and discipline.”

According to the Well-Being Index, when it comes to discretionary spending, only 5 percent of retirees and 10 percent of workers were enticed by special incentives and sales offered by retailers to purchase items they do not need.

“The decline in spending represents consumers willing to make tough choices,” Houston said. “Americans have pointed to specific conditions that would trigger discretionary spending; however, the economy has yet to yield in making them comfortable enough to do so.”

Additionally, 73 percent of workers, compared with 66 percent last quarter, reduced their overall spending during the past two months. Sixty-six percent of retirees, compared with 59 percent last quarter, also reduced spending.

The index also revealed that more Americans have increasing concerns regarding their ability to save for retirement and, in turn, are actually saving more toward retirement.

According to the index, among individuals who have retirement savings, 73 percent are either saving the same amount or have increased the amount they are saving toward retirement.

“Unfortunately, it took a financial crisis like this one to see real behavioral change among American workers who are spending less and re-evaluating their commitment to financial security,” Houston said. “They are making short-term sacrifices while not losing sight of the long-term financial stability.”