With concern for the economy and fear of the possibility of a recession, nearly one-third of Americans plan on spending less money this holiday season, according to the latest Principal Financial Well-Being Index released today.

Almost three-fourths, 71 percent, of American workers and 72 percent of retirees said they believe the economy has fallen into a recession or have concerns that the economy is headed in that direction, according to the survey. The survey found that concern for job security rose from the second quarter, as 37 percent of workers expressed concern for their own job security, up from 22 percent.

When asked about their anticipated spending during this year’s holiday season, 29 percent of workers and retirees indicated they plan to spend less money than last year. 59 percent of workers and 64 percent of retirees plan to spend the same amount as last year while 12 percent of workers and 7 percent of retirees plan to spend more money, according to the survey.

The index, which surveys American workers at growing companies with 10 to 1,000 employees, is released each quarter by Principal Financial Group Inc. and conducted by Harris Interactive. Retired Americans are also surveyed in recognition of the retiring Baby Boomer generation.