Most Americans continue to face significant personal savings challenges, according to a new report.
The 7th annual national survey assessing household saving, released today as part of America Saves Week, reveals that only 35 percent of Americans say they are making “good” or “excellent” progress while 63 percent say they were making only “fair” or “no” progress.
“Only about one-third of Americans are living within their means and think they are prepared for the long-term financial future,” says Stephen Brobeck, executive director of the Consumer Federation of America and a founder of America Saves. “One-third are living within their means but are often not prepared for this long-term future. And one-third are struggling to live within their means.”
While only about one-third of Americans feel prepared for their long term financial future, a larger percentage say that they are at least paying their bills and saving a little.
About two-thirds (68 percent) report that they are spending less than their income and saving the difference. This figure was up from 65 percent in 2013 though much lower than the 73 percent in 2010.
Moreover, 64 percent say that they “have sufficient emergency savings to pay for unexpected expenses like car repairs or a doctor visit.” And about three-quarters (76 percent) say they are reducing their consumer debt, or are consumer debt-free.