Many Americans struggle with saving money. In fact, 58 percent of adults have less than $1,000 in a savings account, according to GOBankingRates’ annual savings survey, with the most common reason being living paycheck to paycheck. However, there’s a lot more at play that’s leading to such a low savings rate.
In a new survey, GOBankingRates partnered with CIT Bank and set out to learn more about Americans’ savings habits. GOBankingRates polled 500 people to find out what types of bank accounts they have, their savings goals and how they set aside money in savings.
Unfortunately, the survey highlights one major reason why Americans might be having trouble growing their savings. The survey found that 69 percent of respondents haven’t set up automatic transfers from their checking account to a savings account, which is one of the most effective ways to grow savings.
“Automating your savings simplifies the money management…
For the rest of the article, please read https://www.nasdaq.com/article/69-of-americans-arent-using-this-easy-trick-to-grow-their-savings-cm1105888.
Last modified: February 26, 2019