How Americans are spending their gas savings

Americans are remaining financially cautious despite gaining a modicum of financial breathing room from lower oil and gas prices.

New research from Bankrate.com finds that Americans have been taking the cash they've saved recently at the gas pump and either putting it toward their savings or using it for investments and household necessities. According to a telephone survey of 1,000 adults in the continental United States, four in 10 respondents used the extra cash not spent on gas towards food, rent and other necessities.

"In a testament to tight household budgets, more Americans spent the savings from lower gasoline prices on necessities than anything else," Greg McBride, Bankrate.com's chief financial analyst, said in a statement. "The percentage of Americans earmarking this money for everyday necessities outpaced those using it for discretionary purchases by nearly 3 to 1."

Bankrate also noted that 23 percent of Americans either saved or invested that extra money, with millennials -- people ages 18 to 34 -- the most likely of any age group to have saved or invested those funds. Just 14 percent of those surveyed said they took the money saved from lower gas prices and put it toward discretionary items such as a vacation or dining out.

"When just 14 percent of Americans ramp up spending as a result of gasoline savings, you see why the economy is growing at such an anemic pace," McBride said.

But the survey also found signs that the nation is feeling more optimistic about the overall economy as well. In May, Bankrate's Financial Security Index reached its second-highest level ever at 104.6, and the second-highest level since 2010. The company says any reading above 100 indicates improved financial security over the past 12 months.