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.