How long you could live off your cash savings?

Do you know how long you could live off your cash savings? According to a new survey, 40% of Americans wouldn’t be able to survive on theirs for longer than four months.

The poll of 2-thousand U.S. adults between the ages of 18 and 58 also reveals:

  • Nine in 10 people have dipped into their savings accounts for emergencies since the pandemic began in March 2020.
  • Those emergencies include unexpected debt (16%), rising rent or mortgage payments (16%) and unexpected medical bills (14%).
  • People remain optimistic, as 75% think their saving habits will improve over the next year.
  • While 71% are satisfied with their current cash savings, they think there are things that could help them save even more. Those include monthly savings challenges with incentives or prizes (60%), reminders for when bills are due (52%) and a financial adviser or money mentor (52%).
  • But only 24% think having a higher income would help them save more.
  • People have added an average of $23,474 to their cash savings accounts over the last year and expect to add a similar amount in the next 12 months.
  • When it comes to finances, 46% rely on recommendations from family and social media, and 45% count on financial advisors.

People’s Top Financial Goals for 2024:

  • Saving for a down payment on a home 51%
  • Setting a new budget 44%
  • Starting an emergency fund 42%
  • Improving their credit score 36%
  • Consolidating or refinancing debt 33%
  • Paying down or paying off student loans 31%
  • Getting a higher-paying job 30%
  • Automating monthly payments 24%
  • Finding a money mentor or financial advisor 21%
  • Investing in an asset 20%

Source: SWNS Digital

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