- Ninety-three percent of Americans realize that saving is essential for financial security.
- Seventy-seven percent aspire to save more for retirement next year.
- Eighty-two percent admit that they don’t know what it takes to save.
- Sixty-five percent say they will be unable to retire in the manner they hoped.
More than one in three Americans (39%) are not saving for retirement at all.
“Many people know they need to save but are unsure how to begin,” said Roger W. Ferguson, Jr., chief executive of TIAA-CREF. “National Save for Retirement Week presents an opportunity for people to take advantage of savings opportunities, objective advice and educational information that can help them plan and achieve the future they envision for themselves. It’s time for a national dialogue that can help more Americans, including the nearly forty percent who do not save for retirement at all, get started.”
According to the survey, more than three-quarters of Americans (78%) rely on themselves to make household financial decisions. However, more than half (55%) say don’t know much about finance.
While many people report buying things on sale and taking other steps to save money, eighty-five percent of people admit to spending the money they save rather than depositing the savings in a financial account.
