Why aren't Americans saving more money?

A new survey finds that Americans are feeling more comfortable with the savings they have now compared to the year before. Unfortunately, they're not doing a better job at it.

According to Bankrate, 21 percent of working Americans are not saving any of their incomes, showing no improvement from last year. In addition, only 25 percent are saving more than 10 percent of their incomes, which is down from 28 percent last year.

So what are the biggest reasons why Americans aren’t saving more money?

For most age groups, the top answer was having too high of expenses. The second most common answer was "haven't gotten around to it." Those that haven't gotten around to saving are more likely younger millennials and seniors (63+). After that, other reasons for not saving more include not having a good enough paying job and debt. Only a small percentage of working Americans say they don’t need to save more.

Nearly half of American workers are saving but saving no more than 10 percent of their pay, while one-quarter are saving between 1 and 5 percent of their incomes. Remember, creating a savings plan will prepare you for the future and protect you from the unexpected.

If you are ready to put together, and stick with, a savings plan, we are ready to assist you. At Travis Credit Union, we offer a variety of products and services that can help you save money. Visit www.traviscu.org to explore your savings options or visit a branch during normal business hours and start saving today.

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