Personal savings sentiment falls: America Saves
WASHINGTON (6/12/15)--Americans’ feelings about their savings habits declined in the first trimester, according to America Saves’ latest Personal Savings Index.
The decline from January to May was the greatest in savings interest, which fell to 63% from 70%. Savings effort slipped 3% to 58% from 61%, and perceived savings success dropped to 55% from 59%.
The greatest weakening in savings sentiment was in low-income respondents. For those with household incomes of less than $25,000, interest in savings declined to 52% from 58%, effort dropped to 51% from 43% and effectiveness slumped to 41% from 49%.
In households with incomes of $100,000 or more, only interest waned, dropping to 77% from 82%. Savings effort increased to 75% from 73%, and effectiveness ticked up one percentage point to 73%.
“While it is not clear why indicators declined for low-income but not upper-income consumers, the anemic first-quarter economy, with stagnant growth, may be related to these differences,” noted Stephen Brobeck, Consumer Federation of America executive director and a founder of American Saves.