AUSTIN, Texas, Feb. 11, 2025 -- As households navigate economic uncertainties, rising living costs, and fluctuating incomes, Upgraded Points' latest study turns the spotlight on American savings.
Key Findings
- Shockingly, 31% of respondents lack sufficient savings to last even one month without their primary income.
- 40% of Americans have delayed or canceled a major life event (e.g., marriage, buying a home, starting a family) due to a lack of savings.
- 51% cite the high cost of living as the main barrier to saving, while 24% point to low income, and 8.9% prioritize debt repayment, with 67% prioritizing debt repayment over saving.
- 30% of Americans admit they do not deposit money into their savings accounts on a monthly basis.
- 49% are not confident their savings could support them in a financial emergency.
- Only 17% feel secure their savings would float them through hard times.
"Understanding the saving habits of everyday Americans is more important than ever," said Keri Stooksbury, editor-in-chief at Upgraded Points. "Hearing the amounts people are saving along with the motivations and challenges they face in putting that money aside paints a grim picture of America's overall financial safety net."
Study Methodology
Over 3,200 residents were included in the nationwide survey, uncovering account balances, monthly contributions, saving obstacles, goals, and motivations.
The 5 States with the Most Savings
- New Jersey: $33,448.26 in savings– more than double the national average
- Idaho: $26,376.97 in savings
- Hawaii: $25,349.74 in savings
- Oklahoma: $24,741 in savings
- Tennessee: $24,706 in savings
The 5 States with the Least Savings
- North Carolina: $2,943.33 in savings– which would require nearly 24 years to save six months' income
- Alabama: $4,847.97 in savings
- Colorado: $5,536.83 in savings
- Georgia: $6,313 in savings
- Nevada: $6,467 in savings
Please visit the full study online.
About Upgraded Points LLC
Headquartered in Austin, Texas, Upgraded Points is a travel company that helps to demystify the complex world of travel and credit cards. Launched in 2016 by Alex Miller, Upgraded Points uses targeted research efforts and in-depth studies to help travelers maximize their travel, points, and experiences. Learn more at: www.UpgradedPoints.com.
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