Many plan to cut expenses to boost retirement and other savings.
More than half of Americans surveyed worry that they won’t be able to retire by age 65, but less than one-quarter have made saving for retirement a priority in 2022, according to the First National Bank of Omaha’s (FNBO) 2022 Financial Wellness Survey.
Concerns about inflation, Social Security running out and struggles to build overall savings all cast a shadow on many people’s retirement plans, according to the survey, which focuses on Americans’ retirement, investing and savings goals.
The online survey of more than 1,000 adults found many respondents focused mainly on getting by financially despite rising inflation while trying to build overall savings.
Here’s the breakdown on what’s on Americans minds when it comes to retirement, savings and other financial habits and concerns, according to the FNBO Financial Wellness Survey.
Many lack adequate savings
Nearly half (46%) of those surveyed say they have less than $15,000 in retirement savings, and 59% don’t think they’re on track to afford retirement by age 65.
One-quarter of those surveyed don’t have even $1,000 in all savings accounts combined. Still, plenty of people are determined to turn their low-savings situation around. More than one-third of those surveyed say they’ve made increasing savings in 2022 a top priority.
Find out: Financial Stress is at an Eight-Year-High – and Inflation is the Top Concern
Financial wellness a priority
Despite pandemic financial fallout, 44% of those surveyed say their overall financial wellness is “about the same” as before the pandemic. And 30% say their finances are even better than before COVID wrecked the economy.
Top financial priorities in 2022 include:
- Increasing savings: 40%
- Paying off debt: 30%
- Repairing credit to achieve better financial wellness: 34%
Find out: Americans are Back to Their Bad Credit Card Spending Habits
Most plan to cut expenses this year
When asked how they plan to find ways to free up more money for savings, respondents took aim at entertainment, streaming services and more. Here are the top ways survey respondents plan to save on monthly expenses:
- Canceling one or more streaming service subscriptions: 94%
- Preparing more meals at home: 64%
- Spending less on clothing and personal items: 49%
- Holding off on upgrading phones, devices and other technologies: 43%
- Taking fewer vacations: 40%
- Securing less expensive housing: 31%
Find out: 8 Ways to Cut Back on Spending
Many seek out social media financial advice
Nearly one-quarter FNBO’s survey respondents say they learn about ways to boost their financial wellness from social media sites, including:
- YouTube: 19% (30% of respondents under age 30)
- Facebook: 12% (19% of respondents under age 30
- TikTok: 10% (25% of respondents under age 30)
Find out: New Survey Finds Gen Zers Turning to TikTok and YouTube for Financial Advice
Published by Debt.com, LLC