When looking at saving habits, LIMRA research has found that middle market consumers recognize the importance of saving but they don’t always get the results they would like.
This is America Saves Week (Feb. 23-27), the national campaign to encourage people to save money and build personal wealth. A 2014 LIMRA study found the top two financial goals of middle market households are saving enough for retirement and building an emergency fund, yet 57 percent of those households do not regularly save.
In the same study, half said they would need to borrow to cover a $5,000 financial emergency and one third have non-mortgage debt of $25,000 or more.
As much as they want to achieve their financial goals American consumers are saying they need help in order to save more. In particular, middle market (73 percent) and Gen Y consumers (79 percent) showed the highest interest in learning about savings options and strategies.
For longer term saving, a recent LIMRA Secure Retirement Institute study looked at the savings habits of working age households making $50,000 or more and found that most are saving for retirement. Nearly 60 percent are saving at work, 40 percent save outside of work and more than 70 percent save at work, outside of work, or both.
An earlier LIMRA Secure Retirement Institute survey found that 78 percent of workers recognize their personal responsibility to save for their retirement.
America Saves Week serves as a good reminder to Americans about the importance of systematic saving.