GOBankingRates Is Celebrating National Savings Day With Educational Content Series

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Oct 08, 2024, 07:30 ET

GOBankingRates also conducted an exclusive study in honor of the October 12th holiday.

LOS ANGELES, Oct. 8, 2024 /PRNewswire/ -- Amid continued inflation, many Americans are struggling to save money and reach their savings goals. In fact, a recent GOBankingRates survey found that 23% of Americans have no savings, and an additional 17% have less than $500 saved.

GOBankingRates wants to help Americans change their financial circumstances for the better. In honor of National Savings Day on October 12, we will be publishing content throughout the month on a number of topics related to saving money, including tips for car-buying, shopping hacks for popular retailers and expert-approved advice for living within a budget.

The National Savings Day series will also feature an exclusive study and survey on an aspect of saving that many Americans find particularly challenging – saving for a home down payment. Using the latest data, our research team uncovered the savings needed for a down payment today in every state compared to 50 years ago.

"Our latest survey data shows that nearly a quarter of Americans have no savings, which is preventing Americans from achieving major milestones like buying a home and saving for retirement," said Andrew Murray, Lead Content Data Researcher at GOBankingRates.

"When it comes to saving for a house, in particular, the latest nationwide data shows average homebuyers today need to save nearly $50,000 more for a down payment than their parents did in the 1970s, when numbers are adjusted for inflation," Murray said. "When looking at the most expensive states in particular, such as Hawaii and California, homebuyers today need to save $100,000 or more than their parents did for a down payment."

Whether their goal is saving for a down payment, building up a retirement nest egg or creating an emergency fund, GOBankingRates aims to help Americans reach their goals this National Savings Day.

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Contact:

Ray Marek

GOBankingRates.com

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About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors Live Richer™. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, Yahoo!, FOX Business, CNBC, Business Insider, USA Today and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us at www.gobankingrates.com.