Majority of Americans save less than 20% of their monthly household income, with 43% saving 10% or less, according to new survey data
“While inflation has slowed, prices still increased by 3.3% year-over-year as of May 2024, which means consumers continue to spend more money on everyday needs, such as rent, gas and food costs. Despite this, our latest survey report shows that most consumers are finding ways to set aside some money, even though it may be a smaller portion of their income.”
The survey report reveals that more than two-thirds of Americans, 69%, say they save 20% or less of their monthly HHI. Over two in five, 43%, report saving 10% or less while 3% of Americans save nothing. This goes against the traditional advice that recommends consumers save at least 20% of their income each month, which may indicate a majority of Americans are allocating more of their income to other needs, such as housing, groceries or gas.
Americans with higher HHI are more likely to save a larger portion of their income. Of Americans with an annual HHI of $100,000 or more, 35% save over 20% of their monthly income compared to just 22% with an annual HHI of less than $100,000. Conversely, those with an annual HHI of less than $50,000 are more likely to say they save 10% or less of their monthly income each month compared to those with an annual HHI of $75,000 or greater (54% vs. 36%).
Check out the full press release published on einpresswire.com
