Tuesday, February 24, 2015

Savings Are Headed in the Right Direction

Americans are starting to save a little more of their income, although most people are still behind where they ought to be. That's the upshot of the new America Saves-ASEC survey, which said that the number of Americans spending less than their income and saving the difference increased from 68 percent to 71 percent in the past year, and those saving at least 5 percent of their income grew from 47 percent to 52 percent. The number of people saying they were making good or excellent savings progress rose from 35 percent in 2014 to 40 percent in 2015.

Similarly, consumer indebtedness is inching downward. In the past year, the portion who said they had no consumer debt, or were reducing their consumer debt, rose from 76 percent to 78 percent.  And respondents who said they had “sufficient emergency savings to pay for unexpected expenses like car repairs or a doctor visit” rose from 64 percent to 66 percent.

But we still have a long way to go. Those who say they are saving automatically outside of work was just 43 percent, and the number of people who know their net worth  was just 43 percent.

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