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February 03, 2015 at 06:46 AM
Americans tell researchers they want to save more for retirement but their best intentions are falling far short. A first step to improve saving may begin with better budgeting.
When LIMRA asks consumers what they need for financial education, a quarter of them say budgeting skills. Among middle market consumers 52 percent listed developing a monthly budget and following it as one of their top financial priorities.
Why put budgeting first? To quote the old business expression, “You can’t manage what you don’t measure.” For example, among workers who have access to a defined contribution plan but do not contribute to it, half say they cannot afford to save through their company plan. Without a budget to follow, how do they know what they can afford?
