Approximately 62 percent of Americans are aiming to save more money this year, according to a poll from Gallup. This was significantly higher than the 34 percent who are spending more money than saving.
When looking at age groups, the figures do not differ significantly. The report showed that approximately 64 percent of those between the ages of 18 and 29 are trying to save more money than they spend, while 61 percent of those in the age range of 30 to 49 said the same thing. For those between the ages of 50 and 64, 63 percent felt that saving was more important than spending, while 62 percent of the oldest age group also felt this.
Some struggle to create positive savings strategies
Making a point to save money can be a great thing, but many people may not be executing their plans particularly well. According to a report from NeighborWorks America, approximately 70 million individuals do not have any level of emergency funds saved up.
A total of 22 percent of those polled explained that their emergency savings would allow them to hold out for one month, the report explained. Just 40 percent had enough cash on hand to last three months in a difficult situation, and another 28 percent felt that they would not be able to last more than one year with their finds.
“In today’s marketplace, everyone, including those with limited incomes, can set aside some savings for emergencies and work to achieve other financial goals,” said Eileen Fitzgerald, CEO of NeighborWorks America. “We are seeing great results for consumers who use a financial coach to help them start saving, reduce debt and work toward financial goals.”
However, there are a number of people trying to improve their savings situation. The report showed that 68 percent of those polled are making an effort to save money for a rainy day.
One major issue that some deal with is a lack of money to save. The report added that while 11 percent of those making more than $100,000 per year did not have a fund, a total of 52 percent of Americans making $40,000 or less said the same thing.