ANN ARBOR, Mich.– A new survey has found—perhaps not too surprisingly—that younger Americans are more likely than older Americans to say they are saving for something in 2023.
The findings, released by Plinqit as part of its State of Savings Report, is based on the savings habits of consumers based on a Harris Poll survey of more than 2,000 U.S. adults.
Among the findings:
- Nearly 95% of adults ages 18 to 55 are saving for a purchase this year, compared to 85% of those age 65 or older.
- Specifically, younger adults ages 18 to 44 are more likely to be saving for a vehicle or a home compared to adults who are 45 years or older.
- Of those between the ages of 18 and 44, 40% are saving to buy a vehicle and 30% are saving for a home, whereas only 23% of adults ages 45 and up are saving for a vehicle and only 10% are saving to buy a home.
- Younger adults are also four times more likely to be saving for a major life event compared to adults who are ages 45 and older. For adults ages 55 and up, travel and retirement are among the top savings priorities.
The full State of Savings Report can be found here.
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