Banking & Finance

Americans Feel Better About Saving for Retirement Than They Have in Years

A recent survey from CNBC and Acorns found that Americans are more confident about their retirement savings now than three years ago. The Invest in You Savings Survey examined the savings behaviors of more than 2,000 Americans ages 18 and older, asking them how they feel about their ability to save for retirement, manage their own money and plan for financial success and hardship.

One main takeaway from the survey was that 57% of Americans are more confident in their ability to save for retirement now — and this is what it costs to comfortably retire in every state — than they were three years ago, before Donald Trump became president. Approximately, 24% of Americans are less confident than they were three years ago, and 16% feel the same as they did three years ago.

Also, 75% of Americans manage their own money, while only 17% manage their money with the help of a financial advisor.

If those surveyed were to unexpectedly receive a $5,000 bonus, 34% of respondents would first use the money to pay off debt. Some 22% would save it for short-term expenditures or emergencies, and 15% would invest it for long-term goals like college or retirement.

Among divorced Americans, 56% almost never talk about their personal finances with family, compared to 27% of all survey respondents.

Retirement is the top personal finance concern for college graduates (30%), respondents with household incomes of $100,000 to $150,000 (42%) and married people (32%).

Jon Cohen, chief research officer at SurveyMonkey, commented on the survey:

Our survey shows a dichotomy: while Americans say they’re increasingly confident about saving for retirement, it’s also their top personal finance concern. The study shows debt, near-term expenses and emergencies hinder Americans’ impulse to save, begging the question, how can businesses and financial institutions better incentivize pre-tax retirement contributions?