A survey released last Tuesday has highlighted that millions of Americans are struggling to to save for the future, as a result of a continuous struggle with credit cards and debt.
Although the economy appears to be recovering, the effects of the great recession i.e. high rates of unemployment, continue to erode millions of Americans’ ability to save money for the future.
A survey conducted on America’s saving habits discovered that; although there is an overall belief that the country’s economy is slowly beginning to recover, 21% of American citizens are failing in their attempts to reduce their overall debts, in turn preventing them from creating a regular savings plan.
The results of the survey shows that there has been no improvement over the past year.
Another worrying find in the survey showed that; 49% of interviewees stated their extreme concern over the recession’s continuous effect on their household finances, in comparison to a lower 43% only 12 months ago.
The survey was conducted on behalf of America Saves, which is a national coalition made up of over 1,800 organizations who attempt to encourage Americans’ to save.
The survey was also conducted for the American Savings Educational Council, which is managed by the Employee Benefit Research institute.
The release of the report comes in the wake of the fifth annual America Saves Week.