Uh oh, it looks like things aren’t looking too good for the average American when it comes to saving money.
But it’s not just about being able to pay the bills on time – it looks like people are having a more challenging time-saving money in general. A third of people said they’re not saving any money at all, and 60% of those folks don’t even have any savings to fall back on. Yikes!
So what’s the deal? Inflation is to blame for a lot of people’s financial woes. Half of the consumers said high inflation has made it harder for them to reach their long-term financial goals, and 49% said it’s also impacted their short-term objectives. And if you’re living paycheck to paycheck, things are even worse – 57% of those folks said that inflation has made it harder for them to achieve their long-term goals.
Here are 5 surprising findings about Americans’ ability to save money!
- 63% of Americans are living paycheck to paycheck.
- A third of Americans are not saving any money at all, and 60% of those people don’t retain any savings to fall back on.
- Inflation is making it harder for people to reach their financial goals – 50% of all consumers and 57% of paycheck-to-paycheck consumers said that high inflation has impacted their ability to achieve their long-term financial goals.
- Financially struggling consumers are the most likely to lack long-term and short-term financial goals.
- Almost half of all consumers (49%) and 41% of those not living paycheck to paycheck said that inflation has impacted their short-term financial objectives. Older consumers and those with lower incomes are the most likely to be affected.
