Americans Struggle to Save for Future

This is compared with 89% of those in $75,000 or more per year income households, according to findings from the second installment of Allstate Financial’s “Life Tracks” poll. Just four in 10 respondents (41%) are very confident about being able to afford daily expenses during retirement.  

“Too many Americans are faced with financial challenges today that lead to an unstable future,” said Don Civgin, president and CEO of Allstate Financial. 

The survey indicates Americans are not only struggling to save for tomorrow—they are also struggling to make ends meet today. More than four in 10 (41%) Americans surveyed are living paycheck-to-paycheck, and another 8% say they do not earn enough each month to pay for essentials.

While a majority (about 60%) say their savings remained about the same in the past year, just 15% say their short-term emergency savings have increased, and 14% say their long-term savings and investment activity have increased. 

More information about the study is here.