ANN ARBOR, Mich.–A new survey has found that while Americans’ savings rates in 2024 are similar to those of two years ago, “savings priorities have changed.”
The 2024 State of Savings Report released by Plinqit , a provider of a solution that combines automated savings with data-driven financial wellness content, found that 90% of Americans are saving for something this year, which is similar to 91% in the 2022 State of Savings Report.
“While the overall savings rate remains strong, savings priorities have shifted,” Plinqit reported. “Compared to Plinqit’s 2022 State of Savings Report, fewer Americans are putting money toward an emergency fund (36%, down from 43% in 2022), retirement savings (31%, down from 35% in 2022), buying a vehicle (26%, down from 31% in 2022) and purchasing a home (16%, down from 19% in 2022).
Additional Findings
The company said the new research includes other findings, including how savings priorities vary by household income, generational differences, how much consumers are saving each month, as well as their methods for saving money.
Plinqit reported the most common way Americans save is with a checking account (48%), with traditional savings accounts a close second (46%).
Education Still Needed
“Inflation and higher interest rates have no doubt proven challenging for consumers, but almost all Americans report they are still putting money aside for savings, according to Plinqit’s 2024 State of Savings Report,” Founder and CEO Kathleen Craig said in a statement. “This is positive, as saving is an important step on the journey to financial wellness. However, saving isn’t the only factor that dictates a consumer’s financial health. This year’s report revealed that many Americans still need education and resources on the best ways to build and grow their savings, as nearly half of Americans said they save their money in a checking account. By uncovering these financial behaviors and the savings priorities of everyday consumers, we can begin closing these knowledge gaps and empowering individuals to live their best financial lives.”
The 2024 State of Savings Report is based on a recent survey conducted on their behalf by The Harris Poll of more than 2,000 U.S. adults ages 18 and older. The full State of Savings Report can be found here.