More than half of all Americans may be unable to save adequately and one in six adults may not be able to put money away at all, according to a survey released Dec. 10 by the Consumer Federation of America (CFA) and Wachovia Bank.
Of the 2,000 adults polled about their savings strategies, 52 percent said they were not saving enough to meet short-term needs, such as household repairs, or long-term goals, like retiring comfortably. Seventeen percent said they could not afford to save any amount.
When asked what made it difficult to save, 42 percent of respondents cited credit card debt, 37 percent said impulse spending, and 20 percent said pressure from friends or family to join in social activities.
CFA Executive Director Stephen Brobeck says paying the monthly mortgage to build home equity has been the single most effective strategy for accumulating wealth. For more information, go to www.consumerfed.org and click on "Press Releases."
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