Survey shows how Americans plan to meet 2015 financial goals

Americans really want to save. They just don’t know if they can do it.

Saving money is this year’s most popular financial resolution, with more than 37 percent of Americans prioritizing it over paying down debt, curbing their spending, investing and even getting a raise. But a new GOBankingRates survey, which asked consumers about their biggest savings goals for 2015, found nearly one in four respondents aren’t at all confident that they’ll be able to meet this resolution.

The poll revealed Americans’ No. 1 short- and long-term savings goals, the biggest obstacles they believe are keeping them from success, and what they’re planning on doing differently in 2015 to save more.

Overall, building an emergency fund came in first place for short-term savings goals, while saving for retirement was the most popular long-term goal. Insufficient income was the top response for the biggest obstacle facing savers in 2015, followed by unemployment; more than 22 percent of respondents said they have little or no confidence they’ll be able to follow through on their savings resolution this year.

There were some surprising variations among demographics. For example, women are more focused on building an emergency fund, while men are far more likely to be saving for a vehicle. Millennials also have cars on their minds, as well as big-ticket items and vacations, whereas Gen Xers are pursuing homeownership and baby boomers are busy saving for home renovations and retirement.

How Americans Save Money

What Americans Are Saving for in 2015

Top Short-Term Savings Goals

Emergency fund 36.82%

Home renovations/repairs 19%

Vacation 18.61%

Vehicle 12.84%

Big-ticket purchase 4.88%

Other 4.18%

Wedding 3.68%

Top Long-Term Savings Goals

Retirement 38.51%

Home 23.58%

Retirement health care costs 19.60%

Having a family 8.66%

Education 8.56%

Other 1.09%

The Gender Divide

For their short-term financial goals, men are approximately 50 percent more likely than women to be saving for a vehicle, while women are 16 percent more likely to be saving for an emergency fund. As for long-term financial goals, women are 40 percent more likely to be saving for retirement health care costs, while men are more likely to be saving for a family and education — roughly 30 and 26 percent more, respectively.

The Conflicting Priorities of Millennials

The 18- to 24 year-olds surveyed listed saving for a vehicle as their top short-term goal far more than any other group. The other most common savings goals for this age group were building an emergency fund and planning a vacation. Of all the respondents, 24- to 34-year-olds were more than twice as likely to be saving for a wedding.

Saving for a family was the top long-term goal among 18 -to 24-year-olds, but this age group was the least likely to be saving for retirement or an emergency fund. Millennials were also the least likely to list paying down debt as something they will do differently to achieve their savings goals, despite one in 10 citing loans as their biggest obstacle to saving. That said, given millennials are the most likely to be struggling with unemployment, low wages and student loans, they might not feel they have the extra funds needed to tackle debt.

Generation X: The Struggle to Settle Down

Among those surveyed, 25- to 44-year olds were most likely of any age group to list homeownership as their top long-term savings goal, followed by saving for a family.

For short-term goals, this group was the most likely of any age bracket to be saving for a wedding. Meanwhile, 35- to 44-year-olds were most concerned with building an emergency fund.

Baby Boomers: Preparing for the Future

45- to 64-year-olds were the most likely of any age group to be saving short-term for home renovations or repairs.

Among all respondents, there was a strong correlation between age and likelihood to select retirement health care costs or retirement as a long-term savings goal. Those 45 and older named saving for retirement and retirement health care costs as their top long-term savings goals; respondents 65 and older were most likely to be saving for both categories, while 18- to 24-year-olds were the least likely.

Following the Money: Income and Savings Goals

Income and saving for a big-ticket purchase or a vacation are positively correlated: The more money you make, the more likely it is that you’ll be saving up for a big purchase or that trip to the Bahamas.

It comes as no surprise that those with the two highest income brackets are least likely to be saving for an emergency fund, while the lowest income bracket is most likely to have this goal. This remained the biggest concern across all income brackets except those earning $150,000 plus a year, who were more concerned with saving for a vacation.

Saving for retirement and retirement health care costs positively correlates with income; as the respondent’s salary increases, so does the likelihood that he will be saving for one of the retirement goals.

Additionally, those with the lowest and highest income brackets are both the most likely to be saving for a family.

The Biggest Obstacles to Saving in 2015

Insufficient income 36.72%

Unemployment 10.85%

Poor money management 10.75%

Credit card debt 9.55%

Loans 7.66%

No bank account 1.19%

No obstacles 23.28%

Even though insufficient income was the most popular obstacle to saving in 2015, unemployment was the most consistent factor across all age groups. Among 18- to 24-year-olds, 25- to 34-year-olds and 55- to 64-year-olds, about one in nine respondents named unemployment as their biggest obstacle.

Men vs. Women: Women were more likely to list unemployment and insufficient income as their biggest obstacles, while men were more likely to choose poor money management.

Millennials: Unemployment was the top obstacle among 18-to 34-year olds, but they were also more likely than any other age group to cite poor money management as a problem. Those 34 and under were also the most likely to cite loans as an obstacle to saving, likely due to student debt.

Gen X: Insufficient income was the top obstacle for this age group, consistent with overall results. Gen Xers were also more likely than their younger and retired counterparts to mention credit card debt.

Baby Boomers: Those aged 55 to 64 were most likely of any group to list unemployment as the top obstacle, followed by insufficient income and credit card debt.

How Confident Are Americans That They’ll Meet Their Savings Goals?

Somewhat confident 53.93%

Extremely confident 23.78%

Not very confident 17.31%

Not confident at all 4.98%

Most respondents, almost 54 percent, feel “somewhat confident” in their ability to reach their savings goals in 2015. A third (34 percent) feel “extremely confident.” Only 5 percent said they were “not confident at all,” while more (17 percent) said they were “not very confident” that they could reach their 2015 savings goals.

What They’ll Do Differently to Achieve Their Goals

Budget more effectively 43.58%

Pay down debt 23.38%

Contribute to a retirement savings account 9.75%

Consult professional advice (advisor, books, blogs, etc.) 4.38%

Open a bank account or get a better bank account 3.78%

I won’t do anything differently 15.12%

When asked what they planned to do differently in 2015 to achieve their goals, the most common response was to budget more effectively, with 43 percent of respondents giving this answer. The next most popular response was paying down debt (23 percent); 15 percent said they didn’t have plans to make changes in the new year.

Methodology

GOBankingRates conducted a Survata survey from Dec. 3 to 11, 2014, which polled 1,006 respondents, all of whom confirmed having a savings goal for 2015 before being asked questions regarding their savings habits and goals. Note that due to rounding, figures do not always add up to 100 percent.

ad-high_impact_4
Business
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
Trump Slams Amazon for Not Paying Enough in Taxes
Trump Slams Amazon for Not Paying Enough in Taxes Trump tweeted his concerns about the company on Thursday. This isn't the first time Trump commented on the issues via Twitter. August 2017 December 2017 Amazon did hold back on paying state taxes in 1995, but the company has been routinely collecting state sales taxes since then. In 2016, the company's report from the Securities and Exchange Commission confirmed it paid $412 million in taxes.
David Copperfield in court after man injured during magic trick
The attorney for a British man who is suing illusionist David Copperfield said his client suffered serious injuries after being called on stage during Copperfield's show at MGM Grand.
eyecandylab CEO shows augmented reality during NAB
Robin Sho Moser, CEO and co-founder of eyecandylab gives an augmented reality demonstration at his booth during the National Association of Broadcaster Show at the Las Vegas Convention Center. K.M. Cannon/Las Vegas Review-Journal
Trends in access to capital for local black business owners
Denette Braud, owner of Braud’s Funnel Cake Cafe, talks about what owning her own business means to her.
Sir Richard Branson announces purchase of Hard Rock Hotel
Sir Richard Branson, founder of the Virgin Group, has acquired the Hard Rock Hotel with partners and plans to turn it into a Virgin-branded property by the end of 2019.
Calvary Christian Learning Academy, “There was no fair warning.”
Samantha O’Brien, whose three-year-old daughter attended the Calvary Christian Learning Academy daycare, found out Monday night when her daughter’s teacher called about the school closing.
Adobe unveils #HackTheBracket application for March Madness
Adobe unveiled their #HackTheBracket application at the Adobe Summit trade show at Sands Expo. People can use data from Adobe Analytics to make their bracket for March Madness. K.M. Cannon/Las Vegas Review-Journal
Adidas Signs Yankees' Star Aaron Judge
Adidas Signs New York Yankees Star Aaron Judge The slugger is set to don a new set of stripes this season after signing with the apparel company. Aaron Judge Terms of the deal were not disclosed. The deal includes branding on his batting gloves and wristbands. Judge, the AL's reigning Rookie of the Year, was previously under contract with Under Armour since 2014. Judge won the American League Rookie of the Year award last season after setting an MLB record for most homers in a rookie season (52).
Esports athletes are sponsored, too
Meet Red Bull-sponsored professional esports player Daryl S. Lewis, better known by his in-game name Snake Eyez. Nicole Raz Las Vegas Review-Journal.
Bettor Investments turned into a bad bet
Bettor Investments formerly operated a Nevada-licensed entity betting operation. The company promised “conservative growth, profits and stability for our investors.” Matt Stuart, who ran the fund, shut it down in late 2016 and never made good on an agreement with shareholders.
Starbucks Will Give You $10 Million for a Better Cup Design
Starbucks Will Give You $10 Million for a Better Cup Design Get your thinking caps on because the company is looking for a new cup that's easier to recycle. The $10 million grant challenge sees Starbucks partnering with investor group Closed Loop Partners for the project. According to CNN Money, Aside from the new cup design challenge, Starbucks stated it will test a cup with an inner lining made from plant fibers to prevent hot liquid from leaking. Will you join the challenge for #Bettercups?
Las Vegas bartenders who worked the Route 91 Harvest Music Festival question what they were paid
Reneé Black, left, and her husband Griffin Black talk to the Review-Journal at their home in Las Vegas, Tuesday, March 6, 2018. Reneé was a bartender at Route 91, and Griffin was a bar back. They were hired as independent contractors, but received forms months later indicating they were employees. They also were never paid their last day of tips. Nicole Raz/Las Vegas Review-Journal.
TOP NEWS
News Headlines
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like