ANN ARBOR, Mich.–Credit unions seeking to help their members may want to give heed to a new report that found just one-third of American adults say they are putting money away for retirement.
The findings were included in the latest State of Savings Report from Plinqit, which uncovers new insights into the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults.
The report found that only 35% of the consumers surveyed across all age groups are actively saving for retirement. However, when segmented by age, retirement saving is the top category for consumers ages 55 to 64, with 49% saving for retirement, which may indicate that this group realizes they need to make up for lost time in order to retire comfortably, Plinqit reported.
“As inflation persists, Americans across demographics have been forced to make tough decisions about their savings priorities, including retirement,” said Kathleen Craig, founder and CEO of Plinqit. “Younger consumers are more likely to prioritize paying off debt or saving for a major purchase over saving for retirement. It makes sense; they probably feel they still have time to catch up. However, failure to prioritize retirement savings early can have a long-term impact.
‘The Good News’
“The good news is that community financial institutions are perfectly positioned to help consumers establish strong savings habits and create a positive financial future, regardless of their age, income or savings priorities,” Craig continued. “With the right tools and resources from their financial institution, consumers can make meaningful progress toward their goals, including saving for retirement.”
The State of Savings Report is available here.
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