OMAHA, Neb.—A new study reveals that 23% of Americans put 0% of their monthly paycheck toward savings.
The finding is part of First National Bank of Omaha’s 2019 Savings Survey, which examined Americans' habits, behaviors and priorities when it comes to saving, monthly spending and retirement planning.
The report shows that 26% attribute high costs of living as to why they don't have as much in savings as they would like, stated Forbes in its analysis.
Thirteen percent say credit card debt prevents them from saving, and 13% say student loan debt prevents them from saving, Forbes noted.
The Findings
Other findings from the study:
- 40% of Americans prioritize their savings for their emergency fund
- 27% report their highest priority for their savings is retirement
- 39% of Americans plan on spending this year’s tax refund by putting it in savings
- 25% of Americans have never withdrawn from their savings account
- 60% report they are somewhat or very likely to be on track with their savings to retire by age 65
- 63% of Americans do not set annual savings goals
- 74% of Americans put 10% or less of their monthly paycheck towards savings
- 49% report they only have enough liquid funds to cover living expenses for 0-3 months
- 24% withdraw from their savings account once a month