National Savings Day Survey Finds Americans Are Hopeful Their Saving Habits Will Improve This Year
NEW YORK, Oct. 12, 2023 /PRNewswire/ -- Amidst ongoing economic uncertainty, most people know they should be saving a portion of their income to cover unexpected expenses, mitigate financial stress and plan for a more secure future. However, according to a new National Savings Day survey released today by Laurel Road, a digital banking platform of KeyBank with specialized offerings for healthcare and business professionals, only 4 in 10 Americans could live off their cash savings for longer than four months.
- However, according to a new National Savings Day survey released today by Laurel Road, a digital banking platform of KeyBank with specialized offerings for healthcare and business professionals, only 4 in 10 Americans could live off their cash savings for longer than four months.
- These emergencies include unexpected debt (16%), rising rent or mortgage payments (16%) and unforeseen medical bills (14%.)
- Despite most people needing to utilize their savings to cover unexpected expenses, the majority (71%) also noted that they are satisfied with their current balance.
- Over the last year, survey respondents reported increasing their cash savings accounts by an average of $23,474 and plan to add a similar amount in the next 12 months ($24,520).