Survey finds nearly 30% of Americans have less than $500 saved

 

Last updated 1/17/2020 at 7:21pm



FALLBROOK – Managing money is no box of chocolates, yet three in five Americans (60%) are not just comfortable with it, they’re confident about their finance skills – at least according to a recent financial confidence survey conducted by TopCashback.com, the USA’s most generous cashback site.

The survey polled a cross section of 1,736 adults, aged 18 and over.

The ABCs of financial confidence

While “financial confidence” is more of a feeling than a technical term, the basic concepts and practices of saving money, being prepared for an emergency and setting goals can all be categorized under that umbrella.

Do you have a savings account?

· Yes (79%)

· No (21%)

Do you budget your money?

· Yes (72%)

· No (28%)

Preparing for the future

Money can sometimes be a taboo subject in conversations, but 80% of Americans feel comfortable talking about money. It may not come up all the time, but money is on the minds of many.

Do you have financial goals?

· Yes (80%)

· No (20%)

Are you on track to meet those goals?

· Yes (56%)

· No (44%)

The new year is a great time to set any goals to achieve in the next 366 days – hello, Leap Year! – and it’s important to prep for the long run.

On average, how much do you have saved? Here are the top three responses:

· More than $12,000 (35%)

· Less than $500 (27%)

· $1,001 to $3,000 (12%)

With the top two responses being more than $11,000 apart from each other in terms of how much Americans are saving, more than half, or 57%, do have a retirement fund whether that’s a 401(k), savings, etc.

Bills, bills, bills

If bills begin to stack up, it can be a stressful time for anyone. The survey found that less than half of Americans, or 44%, feel financially secure and 29% of Americans do not have credit card debt.

Do you ever stress over or worry about money? Here are the top three responses:

· Occasionally (31%)

· Regularly (26%)

· All the time (21%)

Do you pay your bills on time?

· Yes (90%)

· No (10%)

Do you pay more than the minimum on credit card debt?

· Yes (56%)

· No (15%)

Submitted by http://www.topcashback.com.


 

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