The sixth annual national survey
assessing household saving, released today as part of America Saves Week, shows
that only about half of Americans reported good savings habits.
-
54 percent said they “have a savings
plan with specific goals.”
- 43 percent said they “have a spending
plan that allows you to save enough money to achieve the goals of your
saving plan.”
- 50 percent of those not retired said
they “save for retirement at work through a 401(k) or other contributory
plan.”
- 41 percent said that, “outside of work,”
they “save automatically through regular preauthorized transfers from
checking to savings or investments.”
- 49 percent know their net worth.
While nearly two-thirds of respondents,
65 percent, reported they “have sufficient emergency savings to pay for
unexpected expenses such as car repairs or a doctor visit,” only 49 percent of
the non-retired said they’re “saving enough for a retirement in which you will
have a desirable standard of living.”
More than half of baby boomers and
Generation X will be able to retire with enough money to cover the cost of
basic retirement needs as well as uninsured health care costs, but a significant
number are at risk of running short of money in retirement, according to the
EBRI Retirement Security Projection Model.
The survey also revealed no improvement
in the reported financial condition of families over the past year.
From 2010 to 2012, key savings
indicators steadily declined. Between February 2012 and February 2013,
there was no improvement in the following indicators – spending less than income
and saving the difference, 66 percent in 2012 and 65 percent in 2013; having
sufficient emergency savings, 66 percent and 65 percent; and among the
non-retired, saving enough for retirement, 51 percent and 49 percent.
“The recession still has not ended for
millions of American families,” Stephen Brobeck, executive director of the Consumer
Federation of America and a founder of America Saves, said in a
statement. “Many working families are still suffering from high
unemployment rates, stagnant incomes, and a housing market that is just
beginning to recover.”
The survey was released the first day
of America Saves Week, an annual event where government, business, and
non-profit organizations at the national, state, and local levels work together
to promote saving money.
America Saves, managed by the
federation, and the American Savings Education Council, managed by EBRI, coordinate
this annual effort. These organizations commissioned the survey,
undertaken by Opinion Research Corp International in early February.
More than 1,300 national, state, and
local organizations are participating in the 7th Annual America
Saves Week to encourage and assist personal saving.
Among them are the Office of the
Comptroller of the Currency, Fidelity, Department of Defense, BB&T, U.S.
Department of Agriculture’s National Institute of Food and Agriculture, U.S.
Department of the Treasury, and Utah Saves.
Copyright 2013, Rita R. Robison, Consumer Specialist
