Nearly two in three Americans now prefer saving money more than spending it, according to a Gallup economy and personal finance poll taken earlier this month.

Spending, or personal consumption, is the pillar of the U.S. economy as it makes up about 70 percent of GDP. When consumers shift more of their disposable income from spending to savings, the U.S. economy is at a risk of slowing down. Merely 5 percent reduction in personal consumption is enough to push the U.S. into a recession.

The increase in savings sentiment is showing up in the latest retail sales and in the first quarter 2016 Gross Domestic Product (GDP) figures. March retail sales were down 0.3 percent, and GDP for the first quarter of this year is up only 0.5 on an annualized basis according to the U.S. Department of Commerce.

In March, the Money Anxiety Index, developed by behavioral economist Dan Geller, increased by 1.3 index points to 64.0, reflecting higher level of financial stress and anxiety among consumers – one of the main drivers of the shift towards more saving. The elevated level of money anxiety caused consumers to default to their instinctive reaction to reduce spending and put more money in savings.