How would you rate your money saving skills? One in five Americans would rate theirs as “fair” or “poor,” according to new research. It looks at the differences in the way men and women save for the future and finds that men think they’re better at it than women, with 55% of men rating their money-saving abilities higher than average, compared to 39% of women.
The survey of 2-thousand employed Americans also finds:
- One in five respondents rate their ability to save as “fair” or poor.”
- The average person started saving money around age 24 and learned how to manage finances from their parents while growing up.
- Many wish they’d started saving sooner, as far back as getting money as a gift as a child or getting an allowance (32%), or once they got a job (24%).
- Only 21% say saving money from each paycheck is a high priority, and that may be why one in 11 respondents don’t feel financially secure for their future.
- About a quarter (26%) of those polled claim to save around a quarter of their paycheck, while just over a third (36%) say they save less than this.
- Nearly two-thirds (63%) have an “emergency fund” and those that do estimate they have about five months’ worth of income in it.
- Half of those surveyed have started saving for retirement (54%) in an employer-provided account like a 401(k), while another 34% use an individual retirement account (IRA).
- The average respondent wants to retire at age 59, but 37% say they want to retire sooner.
Source: SWNS Digital