Better Money: Are Americans Saving Enough - WFSB 3 Connecticut

Better Money: Are Americans Saving Enough

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If you have a question for Joel and his team at Johnson Brunetti,
email them at BetterMoney@wfsb.com

Highlights from report:

 

  • About half of Americans are saving no more than 5% of their incomes
    • (18% saving nothing and 28% saving not more than 5%)
  • The middle class are the best savers
    • More than 35% of households with annual income between $50,000 - 74,999 are saving more than 10%.
    • This rate outpaces even the highest income households
  • People are feeling more financial security than 1 year ago.

 

What should people do:

 

  •             Ideally starting in their 20's you should try to save 10%
  •             Establish a savings target
  •             Monitor your target and make sure you're on track
  •             See if there are areas where you can reduce spending