U.S. adults sought to save an average of $5,437 in 2022 but ultimately saved $5,011 on average, according to a new survey by insurer New York Life. Men saved an average of $7,007 last year while women saved an average of $3,146. Millennials were the highest savers of any generational group, saving an average of $6,043.
Inflation and a potential recession were the top concerns cited by respondents when asked what factors could affect their finances in 2023, according to the survey. Seventy-one percent reported that they either don’t have a financial strategy in place or have one but need help with it in some way. At the same time, 22% said they needed help changing their financial strategy to meet or prioritize financial goals, which included building their emergency funds (46%), being on track to retire at their desired age (38%) and paying off credit card debt (37%).