In fact, when asked what prevents them from saving more, the top answer was the need to pay everyday bills, with 34% of respondents with more than $250,000 HHI concurring.
"It's clear from this survey that savings hurdles transcend income levels, and that savings requires more discipline than we may realize, regardless of household income," said Kevin Martin, senior vice president, HSBC Bank in the U.S. "The data revealed recurring bills get in the way of saving for the majority of households at both ends of the income spectrum."
Key survey findings include:
Higher income doesn't necessarily equal higher savings.
- Nearly one-half (49%) of the respondents with +$250,000 HHI aren't saving more because they simply "want some spending money".
- Over one-quarter (28%) of respondents with $100-250,000 HHI say they do not save more because "something unforeseen always comes up".
- In fact, nearly one in ten (9%) respondents with +$250,000 HHI reported that they weren't even earning "enough to make ends meet as it is".
Higher income doesn't equal more consistent savings.
- When asked when they saved the most, over one-half (51%) of respondents with $50-100,000 HHI said they saved consistently throughout the year.
- While almost one-half (49%) of respondents with $200-250,000 HHI said they too saved consistently throughout the year.
"Savings can be a challenge at any stage of your life," added Martin. "Regardless of your income, financial status, or age, saving does require a level of control and awareness. One way to triumph over savings challenges is to set up an automatic transfer into your savings account. By automatically depositing a set amount of money each month into a high-yield savings account, such as the one offered by HSBC Direct, you can get on track to reach your savings goals."
