Data & Research July 13, 2010

Americans Cite Obstacles to Savings Goals

The American Express Spending & Saving Tracker finds that consumers’ savings goal for the year has decreased since the beginning of the year, down to an average $12,000 from $14,000 in January. 
Reported by

To date, consumers report having saved 25% of their savings goal over the first six months of the year.   

According to a press release, for the 51% of consumers who say they are behind on their 2010 savings goal, the key reasons cited are: 

  • Increase in cost of non-discretionary bills such as utilities, groceries and auto (58%); 
  • Unanticipated emergencies (30%);  
  • Difficulty balancing wants versus needs (20%);  
  • Buying on impulse (20%); and 
  • Spending outside their means (17%).  

Other obstacles include lack of strategy and planning (16%), not tracking cash purchases (13%), spending on life events such as weddings and babies (12%), and pressure to keep up with others’ lifestyles (5%). More Americans say they have been focused on paying down debt (46%) than saving (29%) this year, and 57% of consumers with debt have been moving forward with a specific plan to reduce or stabilize their debt. More than a third (38%) of the general population reported decreasing their debt over the last six months, as have 52% of affluent respondents and 46% of young professionals.  

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In a mid-year financial check-up, 75% of Americans say their debt has not increased over the past six months, with more than a third (38%) reporting that their debt has actually decreased.  Thirty-four percent of respondents expect to spend less in the next six months than they have so far this year, with 50% doing so primarily to save money, 44% to maintain a budget, and 33% to reduce debt. Only 29% reported reduced income as their motivation, and 8% claimed anxiety over potential job loss.  

For access to American Express Spending & Saving Tracker results, visit www.americanexpress.com/aboutus.  

Deals & People July 13, 2010

Guardian Life Expands Retirement Solutions Sales Force

The Guardian Life Insurance Company of America (Guardian) has expanded its Retirement Solutions national sales force with the appointment of Eric Jones as  regional vice president for Florida. 

Reported by

Eric’s mission is to offer proven retirement solutions for a wide range of qualified plans, including 401(k), profit sharing and defined benefit plans that are designed especially for the needs of business owners and their employees,” said Dale Magner, vice president, Retirement Product Sales, Guardian, in a press release.  “Eric joins over a dozen new regional vice presidents who have joined Guardian to meet the enormous demand for specialized retirement products from small and medium-sized businesses across the country.”  

According to the announcement, Jones joins Guardian from Benetech, Inc. where he was a Regional Pension Consultant for over 10 years.  He previously held senior executive positions with A.G. Edwards & Sons, Inc. and Principal Financial Group.  

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Over the past year, Guardian has hired more than 14 new regional vice presidents alongside an expanded internal sales support team. The regional vice presidents are responsible for sales and support of Guardian’s group retirement products across all distribution channels.  

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