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Study: Saving tops spending for most Americans
Is saving money, rather than spending it, the new black? Could be, according to a new Gallup poll which shows most (62%) Americans say they'd rather save than spend. Poll data was aggregated from 2009 to 2013.
Across income brackets between $20,000/year and $75,000/year, about one-third said they would prefer spending money. But in each bracket except the $75,000, more than 60% said saving money was their priority. It's interesting to note that the less affluent are more apt to think of saving first.
Other interesting findings from the >a href="http://ww.gallup.com">Gallup report include:
• 58% of 18 to 29 year olds and 30 to 49 year olds report 'enjoying saving'
• 60% of 50 to 64 year olds say they like to save
• 63% of those 65+ report they enjoy saving money
• Conservatives are more likely than Liberals (64% vs. 54%) to report they like saving money
Still, liking to save money doesn't automatically translate to a richer consumer base. The average American household has more than $7,000 in credit card debt while most college grads are carrying about $32,000 in student loan debt.
"It's not clear how much Americans' relatively new bullish attitudes toward savings will help change these statistics. Serious questions remain about their ability to do so successfully. In other words, saving is determined by more than simply the desire to store away money; one must also have the ability. For a sizable portion of Americans, these two aspects of their financial lives are in serious conflict," was written in the report.
Image via Shutterstock
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