WASHINGTON (2/25/15)--More Americans are saving at least 5% of their income, according to the eighth annual survey from America Saves and the American Savings Education Council.
|(America Saves Graphic)|
Only 40% of respondents though said they have made "good" or "excellent" progress in meeting their savings needs.
"Our survey findings are consistent with both continued economic recovery and the persistence of inequality," said Stephen Brobeck, executive director of the Consumer Federation of America and founder of America Saves. "Americans are saving a little more effectively today than a year ago, but only a minority are doing so very successfully."
America Saves Week, which runs through Saturday, is an annual opportunity for organizations and businesses to encourage saving, and also a chance for individuals to take stock of their own savings habits.
Nearly 1,700 government, business and nonprofit organizations--with heavy credit union participation-- have pledged to participate.
"Encouraging savings and financial literacy are part of credit unions' DNA and the more we raise awareness of these efforts, the more Americans will choose credit unions as their best financial partner," said Gigi Hyland, executive director of the National Credit Union Foundation.
While only a minority of respondents reported good or excellent savings progress, the America Saves survey, which polled more than 1,000 adult Americans, found a variety of improvements in the habits of consumers, for example: