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