Survey Saving Money Easier to Say Than Do
Below is a MRR and PLR article in category Finance -> subcategory Personal Finance.
Survey Reveals Saving Money is Easier Said Than Done
Summary
Struggling to save money? You're not alone. A recent survey by Braun Research and Bank of America highlights that many Americans frequently think about saving but often fall short of actually doing it. This survey offers insights into how residents across major metropolitan areas perceive money and the importance of saving.Key Findings
- New York: Despite financial stress, New Yorkers often splurge on pampering. However, 36% save for education expenses, compared to 27% of the average American.
- Los Angeles: The main focus is on paying bills, yet residents also save for special occasions.
- San Francisco: While less inclined to set financial goals, 64% are saving for retirement, higher than the 55% national average.
- Miami: Concerns about saving for family are prevalent, but only 23% are actively saving.
- Chicago: Residents are three times more likely to comparison shop and consider themselves frugal. 24% use direct deposit for savings, compared to just 12% nationally.
- Dallas: A majority save generally for the future rather than specific goals, often prioritizing home improvements with extra funds.
Does This Sound Familiar?
After paying bills, do you find yourself indulging in luxuries rather than saving? You're not alone in this struggle.Diane Morais, executive at Bank of America, stated, "Americans know they need to save for a rainy day, but they often need a helping hand. Bank of America’s 'Keep the Change' program assists by helping consumers save incrementally through everyday purchases."
About "Keep the Change"
This automatic savings program is designed to help consumers build stronger savings habits. Purchases made with a Bank of America Visa check card are rounded up to the nearest dollar, with the difference transferred into the user’s savings account. Bank of America matches 100% of these transfers for the first three months, and 5% thereafter, up to $250 annually.Since its inception, the program has enabled over 2 million Americans to save more than $60 million in spare change.
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