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Home Newsbytes

Poll: Americans saving money for emergencies, travel

January 10, 2023
Reading Time: 1 min read
Learning From 2020: A Great Way to Save for the Unexpected Is Making It Automatic

Photo by Damir Spanic on Unsplash

Many Americans say they are continuing to save even as inflation chips away at their earnings, according to savings platform provider Plinqit. A recent survey commissioned by the company found that 43% of respondents said they were building an emergency fund. The same percentage said they were saving money for travel. Forty-two percent said they were saving to pay down debt. Still, 75% said their income is falling behind the inflated cost of living, with 61% reporting living paycheck to paycheck.

The survey also found that 35% of respondents were putting away money for retirement; 14% are setting aside money to pay for college or other schooling; and 10% are saving for major life events such as a wedding or a baby. Nearly a third of respondents (31%) were saving to purchase a vehicle this year, and 19% were saving to purchase a home. Read more.

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Walt Williams

Walt Williams

Walt Williams is senior editor of ABA Banking Journal.

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