- Author: Patti C. Wooten Swanson
Consumers who have savings PLANS are much more likely to save and reduce debt than those who don't have plans.
That's the conclusion from the 4th National Savings Assessment sponsored by America Saves* and the American Savings Education Council (ASEC). Opinion Research Corporation conducted the study of a representative sample of more than 1,000 adult Americans in early 2011.
Having a Plan Influences Financial Progress
Although income level certainly influences how much a person saves, researchers found “striking differences” between the savings progress of those with and without savings plan.
Individuals with savings plans are more likely than those without plans to:
|1. Spend less than they make and save the difference
2. Be reducing debt or debt-free
3. Have sufficient emergency savings
4. Report saving enough for retirement
Take action to improve your finances:
1. Make a basic savings plan.
Set a goal, decide how much money you need, choose your time frame, and determine how much to save each month (or pay period) to reach your goal.
Learn more about SMART financial goal-setting from Cooperative Extension.
2. Commit to your savings goal by signing the Savers pledge at San Diego Saves.
You'll join thousands of other American Savers across the US who are committed to saving and reducing debt.
3. Start saving today.
Open a saving account (if you don't already have one) and make the first deposit toward your goal.
*America Saves is a national campaign organized by the Consumer Federation of America and a coalition of nonprofit, corporate, and government organizations to inform and encourage all Americans to build a secure financial future by saving and reducing debt./table>