Too Little Retirement Savings

Too Little Retirement Savings

 

Americans seems to be always complaining about money.

Not having enough…not making enough…not saving enough.

Now, a new survey conducted by Princeton Survey Research Associates, (a leading research institution) for Bankrate shows that even though Americans believe they will save more money, the fact is they won’t!

Bankrate is a consumer financial services company and is best known for its personal finance website and economic surveys/.

According to the poll, about 21% of working Americans aren’t saving any of their income, which remains unchanged from the answer consumers gave the survey in 2016.  Just 25% are saving more than 10% of their incomes, down from 28% in 2016.

The biggest reasons Americans aren’t saving more money?

• 38% said they had too many expenses, some of which may not be under their control given that wages have remained stagnant in recent years
• 16.4% of the respondents simply said “they haven’t gotten around to it”
• 16% said they not having a good enough job
• 13% said they were struggling under debt

According to a just released new survey by the New York Federal Reserve:

• Statistics show that About two-thirds of American adults don’t write out a budget at all.
• Two-thirds of consumers also say they would have trouble coming up with an emergency $2,000
• A majority of Americans (59%) don’t have enough available cash to pay for even a $1,000 emergency room bill or even a $500 car repair

In addition, about 19% of survey respondents said they feel less comfortable financially speaking, than they did a year ago, and 55% said they feel about the same.

Another thing to factor in:  Because the Federal Reserve recently raised its key interest rate, consumers could deplete their savings if they face higher repayments on credit card debt and auto or home loans.

Between emergency savings and the challenge of retirement savings that is on each of us, experts believe that individuals should save 15% of annual income.  The problem arises when people get tired of saving, and as the economy improves, people start spending more, saving less, and acquiring more debt.

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