More than half of Americans aren't saving enough and many- especially the younger set-- blame impulse shopping and peer pressure, according to a study by the Consumer Federation of America and Wachovia Corp.
The research "confirms" what Wachovia has already been learning about consumers and savings. Many consumers say they aren't saving enough but don't know how to get started. Others say they don't want to cut back ... on their current lifestyle.
Among the findings"
Of the 52 percent of Americans who say they cannot afford to save or are saving inadequately, 35 percent say they are saving but not enough to meet short-- and long-term needs and 17 percent say they can't afford to at all.
Economic factors most cited as barriers to savings: 72 percent said large regular expenses, 72 percent said unexpected expenses, 66 percent said low or unreliable incomes and 60 percent said large consumer debts.
Social and psychological factors keeping people from saving: 42 percent cited availability of credit cards, 37 percent cited impulse spending, 29 percent said spending to feel good, 20 percent cited social pressure from friends or family, and 15 percent blamed trips to the mall.
Young adults, ages 18 to 24 years old, are the most likely group to say they aren't saving enough (62percent compared with 52 percent). Standing in the way of their saving: 54 percent said spending to feel good, 38 percent cited peer and family pressure and 32 percent blamed trips to the mall. "This research is unique in that it focuses on attitudes rather than behavior. But attitudes directly affect behavior," said Stephen Brobeck, president of the Consumer Federation of America. The survey was based on 50-plus questions interviews of more than 2,000 Americans, conducted by the Opinion Research Corporation last month. The margin of error was plus or minus two percentage points. The survey findings represent the first of several reports to be released before America Saves Week, which starts Feb. 24. Wachovia plans to launch a savings education program that week.
Are you saving enough? If so, how do you do it? If not, what keeps you from socking more money away? Would love to hear what you have to say about saving. Please comment if you have time.
Personal Note
Had a nice lunch today at Arby's with my wife and daughter. After they ordered it was my turn, so i proudly ask "do you have a senior citizens program?" and received a 10% discount on our lunch. Savings--$2.04
After dropping our daughter back off at her work, my wife and I went to CVS to have her prescriptions filled and while waiting browsed the store. They still had a few Christmas items marked down to 75% off! We found 3 boxes of Hallmark Thomas Kinkade Christmas cards which were originally $12.99 each. We got them for $3.25 a box. Beautiful cards at one-forth the price....love it. Savings--29.22
Savings as of 1-7-08 $40.32
Savings today $31.26
Year to date total $71.58
Happy Savings!!!!
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