Los Angeles, CA (PRWEB) January 27, 2013
Faced with a sluggish economy and flat-lining wages, consumers will continue to focus on increasing their savings and decreasing debt, just as they have since late 2009, says a new survey by credit card comparison site CreditDonkey.com. But this year, they plan to put even more money aside than they have in the most recent past.
Survey Findings: http://www.creditdonkey.com/increase-savings-2013.html
Of the 1,100-plus participants in the survey, 46.8 percent expect to save at least $100 per month in 2013; 12.9 percent plan to save at least $500 per month, and 6.8 percent plan to save $1,000 or more. By contrast, only 30.2 percent were able to save $100 per month in 2012, with just 9.6 percent putting away $500 per month, and 5.0 percent saving $1,000.
Conserving cash is difficult for the majority who responded to the CreditDonkey Credit and Saving Survey. Of those polled, 59.9 percent said they live paycheck to paycheck, and 51.4 percent have less than $1,000 in readily accessible savings.
“It’s unclear how the additional 21.7 percent of people plans to save at least $100 a month in 2013, or if they even have a plan,” said CreditDonkey founder Charles Tran. “However, a good plan starts with a determination of how much your current debt is costing you compared with how much your savings are earning. In the long-term, you’ll be able to save more if you pay off some debt first, including credit card balances. Carrying a credit card balance is more expensive than most people realize.”
Some other findings of the CreditDonkey Survey include:
- About 68 percent of respondents said their savings either remained the same or shrank in 2012. Only 32 percent reported that their savings grew during 2012.
- 43.5 percent do not have at least $1,000 saved for retirement yet, and 80 percent believe they are not doing enough to save for retirement.
- 62.4 percent do not have at least $100 cash on hand.
- 64.8 percent say that if they won $500 in a lottery, they would put the money toward their savings instead of spending it.
“It’s great that people are more focused on saving than they used to be,” said Tran, “but to ‘walk the walk,’ you need to create a realistic plan. Pay down those debts with high interest rates and then focus on saving any extra income, especially windfalls and holiday bonuses.”
From January 4 to January 8, 2013, CreditDonkey polled 1,109 Americans, age 18 and over, for their views on credit cards, saving, retirement planning and other financial issues with 38 multiple-choice and yes/no questions.
To view more insights from the CreditDonkey Credit and Saving Survey, visit http://www.creditdonkey.com/news.html