WASHINGTON – Scores on the third triannual America Saves Personal Savings Index (PSI) rose between January and May of this year, restoring losses between last September and this January, according to the Consumer Federation of America, which administers the Index.
The survey ranked scores on savings interest, effort, and effectiveness and found scores in September (2013) and May (2014) that are virtually identical, but substantially above those of January (2014).
“The low savings interest, effort, and effectiveness in January is probably related to holiday spending that served as a distraction and also made it difficult for many to save,” said Stephen Brobeck, Executive Director of the Consumer Federation of America and a founder of America Saves. “However, in each of the three periods, there was a consistent and predictable relationship between interest, effort, and effectiveness. Not all those with interest in saving make the effort, and not all those who make the effort are successful.”