Updated July 3, 2013

Survey: Saving Money Statistics

54% Have No Strategy for Saving Money
Read more about Savings Statistics

Over a thousand people were asked if they have any specific savings strategy, such as saving a certain percentage of income. Over 54% replied that they did not have any strategy at all. More worryingly, 61.5% said that they are not saving for retirement.

Are you currently saving for retirement?
Are you currently saving for retirement? © CreditDonkey

This lack of strategy is not due to a lack of awareness of the different types of investments available. Nearly three-fourths (73%) of respondents said that they were familiar with stocks, bonds, mutual funds, and cash accounts, and 65% said that they knew where they should be putting their savings. However, respondents are finding it difficult to translate their knowledge into action.

Are you familiar with the basic types of savings and investment vehicles?
Are you familiar with the basic types of savings and investment vehicles? © CreditDonkey

Do you know where you should be putting your savings?
Do you know where you should be putting your savings? © CreditDonkey

"One of the biggest problems with personal finance is that costs keep rising," said Charles Tran of CreditDonkey.com. "Over half of the respondents to this survey make less than $50,000 per year. After taxes, the high cost of oil, food, health insurance, and college tuition means that saving money is harder than ever."

Health insurance premiums have more than doubled since 2000, according to the non-profit group Keaiser Family Foundation. Whereas a family spent just $6,438 for health insurance premiums in 2000, that figure ballooned to $15,745 in 2012. Meanwhile, workers' wages grew just 19% to $41,673, according to the Social Security Administration.

"High costs and low wages mean saving is harder than ever before," said Tran. "Americans are finding that they need to make more and more sacrifices just to make ends meet, and one of the first things to go is saving for the future. While this is a national crisis for several reasons, there is no reason to expect it to stop anytime soon."

(CreditDonkey.com polled 1,105 Americans between September 17 and September 25, 2012.)

Share this on Facebook or Twitter

Follow @CreditDonkey or write to Mike Foster at mike@creditdonkey.com
Mike Foster is a contributing writer at CreditDonkey, a credit card comparison and financial education website. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions. (read more)

More Articles in News

    Do you have more than $500 in savings at the moment?

    Survey: Savings Statistics

    October 9, 2012 - By Naomi Mannino - News for Prepared for Unexpected
    Close to half have no cash savings and are living on the edge of financial disaster, according to a recent CreditDonkey.com survey. While 59% of respondents reported having more than $500 in savings, the other 41% do not have a cash safety net.

What do you think about Survey: Saving Money Statistics?

Name (required)
Email (required; won't be published)
Website (optional)

or you can also trackback from your blog.
October
20
2014

What to Buy in November

Black Friday is just around the corner, but smart consumers can find the best deals on some products before the biggest shopping day of the year hits. Read on to see what to buy in the beginning weeks of November — an overlooked time for ...
More Articles in News








About CreditDonkey®
CreditDonkey is a credit card comparison website. We publish data-driven analysis to help you save money & make savvy financial decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: The card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.