How strong are Americans savings savviness?
The Lawhead Team would like to share the latest One Cool Thing about Americans and how many of them are keeping up with a savings plan:
More than one in five Americans are not saving any of their annual income and only 29% say they are financially “strong,” indicating they are spending, saving, borrowing and planning well financially.
How much are Americans setting aside for retirement, emergencies and other financial goals – like homeownership?
- 6% don’t know
- 21% are setting nothing aside
- 20% are setting aside 5% or less
- 28% set aside 6-10% for savings
- 10% set aside 11-15%
- 16% are setting aside more than 15% for savings
Source: Bankrate.com and Financial Health Network (percentages may not total 100% due to rounding)