Americans Save 7.6%

A recent nationwide survey found that on average, adults direct 7.6% of their salary to their retirement savings, PenFed Credit Union reports.

The percentage increases among households with incomes over $100,000, college graduates, men, adults with a financial advisor and adults who have automatic savings.

Market research firm McLaughlin & Associates conducted the survey on behalf of PenFed.

When asked what they would do if given $5,000, only 23% of respondents said they would put it towards retirement, while 63% would put the money in savings and 55% would pay bills.

Key findings:

  • Men are more likely to put a higher percentage of their salary towards retirement than women (8.9% to 6.4%).
  • Adults with automatic savings put twice as much percentage wise towards their retirement than adults without auto-savings or a banking app (10.2% to 4.8%).
  • Households with incomes over $100,000 put nearly 2-times a higher percentage towards retirement than lower-income households (11.7% to 6.2%).
  • The percentage that adults with a financial advisor put towards their retirement is basically 2-times greater than the percentage saved by adults without an advisor (10.4% to 5.5%).
  • College graduates save at a higher percentage rate than adults without a college degree (9.3% to 6.2%).

The good news is that Americans are saving for retirement. However, it would be more encouraging if they were saving an average of 10% of salary.


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