Americans Saving for a 'Rainy Day'

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Money Savings Habits

As April showers continue to fall, many Americans admit they need help saving for a "rainy day." According to a recent survey by Braun Research* and Bank of America, 90 percent of Americans say they have considered saving for a rainy day; however, nearly half of those give their savings habits a bad grade. How you save also depends on where you live.

"This survey shows the challenge consumers face when it comes to everyday savings habits they can understand and use," said personal finance expert Jordan E. Goodman, author of Everyone's Money Book and Master Your Money Type."

The survey follows a January report issued by the U.S. Department of Commerce's Bureau of Economic Analysis, which found that personal debt is at an all-time high and consumers are saving less and less. The survey revealed that spending and saving habits vary greatly by age, gender and region. Highlights include:

  • One in five 18 to 34-year-olds have never thought about saving for a rainy day.

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  • One quarter of 35 to 44-year-olds graded themselves with a "D" or lower when describing their saving habits. More than 40 percent of respondents aged 55 and older do not set savings goals.

  • Women are nearly two times as likely to save for leisure and recreation than men.

  • Chicagoans are more than twice as likely as the national average to identify their saving habits as frugal while New Yorkers are four times more likely than the national average to keep their savings under a mattress or other hidden location in their home.

  • New York and Los Angeles residents are nearly twice as likely as the average American to put their "rainy day" savings toward pampering.

Consumers can now save more for a rainy day and those unexpected everyday purchases thanks to Bank of America's innovative Keep the Change(TM) savings program, which was created in response to customer demand for an easy-to-use savings program that helps build stronger savings habits. When consumers sign up for the Keep the Change savings program, the amount of every purchase they make with a Bank of America Visa

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