Here’s How Much Americans Are Saving In 2023: Survey

In the wake of the pandemic, mass layoffs and inflation, it’s an understatement to say that Americans have faced a tough few years. But with interest rates rising fast and more potential hikes on the horizon, now’s the time to take advantage of every opportunity to maximize your savings.
Forbes Advisor recently conducted a survey exploring Americans’ savings habits and whether they’re opening high-yield savings accounts and CDs amid rising interest rates. Here’s a look at how rising U.S. savings rates are influencing consumer savings trends and Americans’ ability to save.

Key Takeaways:

Nearly half of Americans (48%) have opened a high-yield savings account. The top motivating factors for opening an account include saving for short-term goals (54%), saving for long-term goals (50%) and taking advantage of interest rate hikes (41%).
If gifted with $5,000, 20% of Americans would prioritize paying household bills, 19% would save in a high-yield account and 18% would pay down debt.
Gen Zers (78%) and millennials (76%) were more likely to save than Gen Xers (57%) and baby boomers (38%) in the past year.
Over 75% of Americans with annual incomes under $30,000 haven’t opened a high-yield savings account, with 22% citing an inability to save as the reason.

With a Little Help, Saving Remains a Priority for Many
Two-thirds (66%) of Americans reported being able to save money in the past year, with increased interest rates (50%) and pay increases (35%) being the most common factors that helped them save.
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