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This just in: Americans want to save and are trying to do so.
A new national survey from the Certified Financial Planner Board of Standards (CFP Board) shows that Americans are trying to save despite having many other competing financial interests.
Americans also are feeling optimistic about their financial futures despite feeling uncertainty and anxiety about their finances.
“Our economy has come a long way since the depths of the recession, but most Americans up and down the socioeconomic scale are still facing significant pressures in saving for today and tomorrow,” said CFP Board Consumer Advocate Eleanor Blayney, CFP. “An inability to start saving early, debt and stagnant incomes are just a few of the factors driving Americans’ financial anxiety.”
Blayney noted that despite the economic pressures Americans face, having a financial plan and working with a CFP professional can help them feel more confident about their finances and money choices.
Only half (51 percent) of Americans surveyed save money regularly on a monthly basis. And 35 percent of Americans already utilize the services of a financial professional.
Many others are struggling to have money to set aside for savings at all.
Nearly half (48 percent) of Americans “don’t always have enough money left over to save after bills,” according to the survey.
Debt, drops in income, job changes, and medical expenses are all impeding Americans’ ability to save.
According to the CFP Board survey:
Because of these financial pressures, more than one-third (36 percent) of Americans anticipate working in retirement.
The CFP Board survey also found that when it comes to saving, Americans can be grouped into four distinct categories that are nearly equal in size – concerned strivers (27 percent), stretched worriers (26 percent), tentative savers (24), and confident savers (22 percent).
According to the survey, Americans with higher income, education and investable assets are generally more confident and positive toward savings, feel better informed about their savings options, and have positive attitudes toward their financial futures.
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