GOBankingRates Survey Reveals What Americans Are Saving for in 2015

LOS ANGELES, Jan. 6, 2015 /PRNewswire/ -- More than 37 percent of Americans say their biggest financial resolution for 2015 is saving money¹, but nearly a quarter are nowhere near confident they'll hit that goal, a new GOBankingRates poll found. The study asked consumers for their No. 1 short-term and long-term savings goals, their biggest obstacles to meeting them, their confidence in achieving success, and what they will do differently in 2015 to save money.

• Building an emergency fund is the No. 1 short-term goal for Americans, while saving for retirement topped the list of long-term goals.
• Almost 77 percent expect to face obstacles to their goals, the biggest being insufficient income (selected by roughly two in five respondents).
• Nearly 24 percent said they are "extremely confident" they will meet their savings goals this year, with another 54 percent saying they are "somewhat confident."

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"Most Americans want to be better at saving money – they just don't know how to do that. Especially for those who think they don't make enough money to save, setting aside some funds each month, no matter how important, can seem impossible," said Casey Bond, GOBankingRates' managing editor. "That's the kind of mental block that can derail your resolution, though; everyone can save at least 1 percent, as long as they budget carefully, spend intentionally and take advantage of financial tools."

Additional findings:

• Gender divide: Women were more likely than men to list insufficient income and unemployment as their biggest obstacles to saving in 2015, while men were more likely to report poor money management.
• Millennials: In terms of long-term savings goals, 18- to 24-year-olds are most likely to be saving for a family and least likely to be saving for retirement or an emergency fund.
• Baby boomers: Respondents age 45 and up named saving for retirement and retirement health care costs as their top long-term savings goals.

For more insights into what Americans are saving for in 2015, as well as an infographic of the study's findings, visit http://bit.ly/14qwuu3

About GOBankingRates

GOBankingRates.com is a leading portal for personal finance news and features, offering visitors the latest information on everything from interest rates to strategies on saving money, managing a budget and getting out of debt. Its editors are regularly featured on top-tier media outlets, including U.S. News, Business Insider, Daily Finance, Huffington Post and more. It also specializes in connecting consumers with the best financial institutions and interest rates nationwide.

Contact:

Connie Lundegard 
GOBankingRates.com
[email protected]    
310-297-9233 x112

¹ GOBankingRates: "2015 Financial Resolution Survey," Dec. 29, 2014

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SOURCE GOBankingRates

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