As news of economic uncertainty, rising food and gas prices, market volatility, unemployment and government budget debates continue to abound, consumers are focused more than ever on reducing their debt and saving more, according to the Consumer Financial Monitor, released by the Corporate Executive Board.

The monitor, based on a survey of 18,500 consumers in 24 countries in the second quarter, found that 16% paid down their debt sooner than expected and 25% increased their savings. By comparison, 21% increased their savings in the first quarter.

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