Personal Savings Interest, Effort, and Effectiveness Rebounds from May Lows to New Highs in September 
 
 Contact: Katie Bryan, This email address is being protected from spambots. You need JavaScript enabled to view it., 202-939-1018 
 
 Washington, D.C. – The interest, effort, and effectiveness of Americans to save personally, as measured by the triannual Personal Savings Index (PSI) surveys of America Saves, jumped substantially from May lows to new highs in September. 
 
 During this latest trimester, savings interest rose from 63 to 75 percent, effort from 58 to 65 percent, and effectiveness from 55 to 62 percent. The September numbers are the highest recorded in the seven triannual surveys conducted to date, as the table below shows. 
 
 Table 1: PSI Percentages in Last Seven Trimesters 
 
 Date Interest Effort Effectiveness Sep-13 71% 62% 58% Jan-14 65 58 56 May-14 71 63 58 Sep-14 71 62 60 Jan-15 70 61 59 May-15 63 58 55 Sep-15 75 65 62 
 
 “While no trends over the past two years are yet evident, it is encouraging that the latest Personal Savings Index numbers are so high,” noted Stephen Brobeck, Executive Director of the Consumer Federation of America and a founder of America Saves. 
 
 The extent to which various factors including perception of one’s own financial condition and that of the whole economy, as well as one’s actual income and ability to save, affect the PSI numbers is unclear. However, the PSI surveys clearly show that income is critically important: In general, the higher one’s income, the higher one’s savings interest, effort, and effectiveness, as the table below shows. 
 
 Table 2: PSI Percentages for September 2015 by Household Income 
 
 Income Interest Effort Effectiveness Under $25k 68% 58% 55% $25k-$50k 77 65 63 $50k-$75k 72 67 58 $75k-$100k 78 69 62 Over $100k 84 76 71 
 
 “Our surveys are consistent with other research showing that those with low incomes are more likely to struggle financially in the present, and be less likely to focus on saving for the future, than are those with high incomes,” noted CFA’s Brobeck. 
 
 The surveys are undertaken for America Saves by ORC International, which surveys a representational sample of 1,000 adult Americans by cell phone and landline. The latest ORCI interviews were between September 10 and 13. Respondents were asked to respond to the three questions about interest, effort, and effectiveness on a 10-point scale ranging from “no interest” to “very great interest,” and these responses were converted into percentages. The survey’s margin of error is plus or minus three percentage points. 
 
 America Saves, a campaign managed by the nonprofit Consumer Federation of America, seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Nonprofit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round and during America Saves Week. Learn more at americasaves.org and americasavesweek.org. ||||| The tide might be turning when it comes to retirement savings in America. For the third year in a row, GOBankingRates surveyed adults across the U.S. to find out how much the average person has saved for retirement. 
 
 From 2016 to 2017, the percentage of Americans with $0 saved increased. But this year, it dropped — dramatically. Not only has the percentage of adults with nothing saved fallen, but the percentage of those with $300,000 or more in a retirement nest egg has increased. 
 
 Keep reading to find out if Americans are saving enough for retirement. 
 
 How Much Does the Average American Have Saved for Retirement? 
 
 GOBankingRates polled adults across the U.S. using three Google Consumer Surveys to find out how much the average American has saved for retirement. Each survey targeted a specific age group — millennials, Generation X and baby boomers — and included about 1,000 respondents per group. 
 
 Each age group was asked the same question: “By your best estimate, how much money do you have saved for retirement?” Respondents could select one of the following options: 
 
 – Less than $10,000 
 
 – $10,000 to $49,999 
 
 – $50,000 to $99,999 
 
 – $100,000 to $199,999 
 
 – $200,000 to $299,999 
 
 – $300,000 or more 
 
 The 2018 Retirement Savings survey found that 42 percent of Americans have less than $10,000 saved. If they don’t boost their savings, they’ll likely retire broke because that’s not enough to cover a year’s worth of expenses. On average, adults 65 and older spend almost $46,000 a year, according to the Bureau of Labor Statistics. 
 
 Included in that 42 percent with less than $10,000 saved is the 14 percent of respondents with absolutely nothing saved for retirement. This group could be at the most risk of retiring broke if they don’t start taking steps to catch up on retirement savings. 
 
 On the other hand, the survey found that the majority of Americans have more than $10,000 saved for retirement. 
 
 – Nearly 7 percent said they have $10,000 to $49,999 saved. 
 
 – Nearly 13 percent said they have $50,000 to $99,999. 
 
 – More than 12 percent said they have $100,000 to $199,999. 
 
 – Nearly 10 percent have $200,000 to $299,999. 
 
 – About 16 percent have $300,000 or more in retirement savings. 
 
 Women Still Lag Behind Men in Retirement Savings 
 
 A nearly equal percentage of women and men have absolutely no retirement savings. But when you combine the percentage with no savings with the percentage who have saved $10,000 or less, the survey results show that women continue to lag behind men. 
 
 Q: By your best estimate, how much money do you have saved for retirement? Gender $0 Less than $10,000 $10,000 to $49,999 $50,000 to $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 or more Female 13.86% 31.38% 7.70% 13.42% 11.80% 8.65% 13.20% Male 13.58% 26.25% 5.85% 11.94% 12.24% 10.96% 19.18% 
 
 Men are still more likely than women to have larger retirement account balances. The 2018 survey found that 45 percent of women have no savings or $10,000 or less, compared with 40 percent of men. However, that’s an improvement from 2017, when 58 percent of women had no savings or less than $10,000 saved. In 2016, 63 percent of women had less than $10,000 saved or nothing at all. 
 
 Did You Know? Women Aren’t Living as Comfortably as Men in Retirement — Here’s Why 
 
 57% of Millennials Have $10K or Less Saved for Retirement 
 
 It’s not surprising that the youngest generation (millennials) is more likely to have less in savings than older generations. At 18 percent, millennials ages 18 to 34 have the highest percentage of respondents with $0 saved. And another 39 percent of respondents in this age group have less than $10,000 saved. 
 
 However, the total percentage of millennials with nothing or less than $10,000 saved has shrunk to 57 percent this year from 71 percent in 2017. And the percentage of this generation with $300,000 or more saved has grown to 9 percent from 5 percent. 
 
 Q: By your best estimate, how much money do you have saved for retirement? Ages $0 Less than $10,000 $10,000 to $49,999 $50,000 to $99,999 $100,000 to $199,999 $200,000 to $299,999 $300,000 or more 18-34 18.18% 39.16% 6.69% 11.59% 8.69% 6.69% 8.99% 35-54 12.46% 24.43% 7.38% 15.35% 12.76% 10.67% 16.95% 55+ 10.56% 22.21% 5.98% 10.86% 14.64% 12.35% 23.41% 
 
 Adults 55 and over, on the other hand, have the highest percentage of respondents who have saved $300,000 or more — 23 percent. 
 
 However, about one-third have less than $10,000 saved. That means these baby boomers need to catch up on retirement savings if they won’t have other sources of retirement income beyond Social Security. 
 
 Americans Say They Don’t Make Enough to Save Money for Retirement 
 
 To find out why Americans aren’t saving, GOBankingRates conducted a separate survey through Survata. We asked more than 1,000 adults with $0 saved, “Which is the main reason you do not have any retirement savings?” Respondents could choose one of the following responses: 
 
 – I don’t make enough money to save 
 
 – I won’t need retirement savings 
 
 – I’m prioritizing paying down debt 
 
 – Job doesn’t offer a plan 
 
 – Struggling to pay bills 
 
 – Used money for an emergency 
 
 The most common reason respondents gave for not saving for retirement was “I don’t make enough money.” About 40 percent chose this response. The second-most common reason for not saving was “I’m struggling to pay bills,” with about 25 percent of respondents choosing this answer. 
 
 About 10 percent of respondents said they wouldn’t need retirement savings, they used their savings for an emergency and their job doesn’t offer a retirement plan. The least common reason for not saving for retirement was prioritizing paying down debt. 
 
 Meanwhile, women are more likely than men to say that they aren’t saving for retirement because they don’t make enough money — 43 percent versus 36 percent. This helps explain the gap in retirement savings between women and men that our other survey found. 
 
 Women also are more likely than men to say that they aren’t saving for retirement because they’re struggling to pay bills — 27 percent versus 23 percent. However, they are less likely than men to say that they won’t need retirement savings, that their job doesn’t offer a retirement plan or that they had used the money for an emergency. 
 
 Q: Which is the main reason you do not have any retirement savings? Gender I don’t make enough money to save I won’t need retirement savings I’m prioritizing paying down debt Job doesn’t offer a plan Struggling to pay bills (rent, mortgage, car payments) Used money for an emergency Female 43.37% 8.03% 5.82% 8.03% 26.91% 7.83% Male 36.34% 12.87% 5.64% 10.38% 22.57% 12.19% 
 
 Find Out: Why Women Are Relying More on Social Security in Retirement 
 
 Although the top reason for not saving among all age groups was not making enough money, millennials ages 25 to 34 were more likely than other generations to say they don’t have retirement savings because they’re prioritizing debt and their job doesn’t offer a plan. 
 
 Baby boomers ages 55 to 64 are more likely than other age groups to say they aren’t saving because they are struggling to pay bills, with 27 percent of respondents in this age group choosing this answer. Gen Xers ages 35 to 44 are more likely than other age groups to say they’re not saving because they won’t need retirement savings. And adults 65 and older are the most likely to say they don’t have retirement savings because they used the money for an emergency. 
 
 Q: Which is the main reason you do not have any retirement savings? Ages I don’t make enough money to save I won’t need retirement savings I’m prioritizing paying down debt Job doesn’t offer a plan Struggling to pay bills (rent, mortgage, car payments) Used money for an emergency 25-34 31.90% 10.34% 11.21% 12.93% 24.14% 9.48% 35-44 42.48% 14.16% 4.42% 11.50% 20.35% 7.08% 45-54 39.78% 13.44% 3.76% 8.06% 25.81% 9.14% 55-64 43.07% 7.66% 4.01% 8.03% 27.37% 9.85% 65+ 39.68% 9.13% 7.14% 8.33% 23.81% 11.90% 
 
 The Good News: Retirement Saving Habits Seem to Be Improving 
 
 Although the 2018 Retirement Savings survey found that 42 percent of Americans might retire broke, that percentage has shrunk from years past. The 2017 Retirement Savings survey found that 55 percent of adults had less than $10,000 in savings. And the 2016 Retirement Savings survey found that 56 percent of Americans had less than $10,000 saved. 
 
 Retirement Savings Trends, 2016-2018 Year % of Americans with $0 saved % of Americans with less than $10K saved 2016 33% 23% 2017 34% 21% 2018 13.73% 28.59% 
 
 What’s even more encouraging is the decline in the percentage of Americans with $0 saved. In both 2016 and 2017, the percentage of Americans with nothing saved was more than twice of the approximately 14 percent with no savings in 2018 — 33 percent and 34 percent, respectively. 
 
 Plus, the percentage of Americans with bigger savings account balances has grown: 
 
 – 13 percent have $50,000 to $99,999 saved in 2018 compared with 8 percent in 2017 and 2016. 
 
 – 12 percent have $100,000 to $199,999 saved versus 7 percent in 2017 and 8 percent in 2016. 
 
 – 10 percent have $200,000 to $299,999 saved compared with 5 percent in 2017 and 2016. 
 
 – 16 percent have $300,000 or more saved versus 14 percent in 2017 and 13 percent in 2016. 
 
 Take Steps Now to Have a Golden Retirement Later 
 
 If you have little to no retirement savings, one of the best ways to save more for retirement is to calculate how much you need. 
 
 You might not be making retirement savings a priority because you don’t realize how much a comfortable retirement will cost you. You can find free retirement calculators on the websites of investment firms such as Fidelity and Vanguard. If you have a retirement plan at work, the plan administrator might even offer a retirement calculator. 
 
 Financial planners typically recommend saving 10 percent to 15 percent of your income annually to save enough for a comfortable retirement. If you’re not setting aside this much, review your spending to see what nonessential expenses can be cut so you can boost retirement contributions. And don’t forget to increase contributions with each pay raise. 
 
 If you don’t have a workplace retirement plan, you can open an IRA or Roth IRA through an investment firm such as Fidelity, T. Rowe Price or Vanguard. If you’re self-employed, you can save for retirement with a SEP or solo 401k, which also can be opened at an investment firm. 
 
 But if you’re already close to retirement age and don’t have much saved, you can stretch your retirement savings by working longer. Other options include getting a part-time job in retirement or relocating to a place with a lower cost of living — perhaps even outside the U.S. 
 
 Up Next: How Long $1 Million Will Last in Every State 
 
 Methodology: The GOBankingRates survey posed the question, “By your best estimate, how much money do you have saved for retirement?” Respondents could select one of the following answer options: 1) “Less than $10,000”; 2) “$10,000 to $49,999”; 3) “$50,000 to $99,999”; 4) “$100,000 to $199,999”; 5) “$200,000 to $299,999”; 6) “$300,000 or more”; or 7) “$0.” Responses were collected through three separate Google Consumer Surveys conducted Feb. 6-9, 2018, and responses are representative of the U.S. online population. Each survey targeted one of three age groups: 1) ages 18 to 34, 1,001 respondents; 2) ages 35 to 54, 1,001 respondents; and 3) age 55 and over, 1,003 respondents. 
 
 An additional survey was conducted to target people who have no retirement savings and find out why. A screener question was used to collect responses only from 1,000 respondents who said they do not have retirement savings. Respondents were then asked, “Which of the following is the main reason you do not have any retirement savings?” Respondents could select one of the following answer options: 1) “I don’t make enough money to save”; 2) “I won’t need retirement savings”; 3) “I’m prioritizing paying down debt”; 4) “Job doesn’t offer a plan”; 5) “Struggling to pay bills”; or 6) “Used money for an emergency.” Responses were collected by a survey conducted Feb. 6-9, 2018, using Survata. Survata categorizes the ages of their respondents in the following groups: 1) 25 to 34, 2) 35 to 44, 3) 45 to 54, 4) 55 to 64, 5) 65 and over. ||||| Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. 
 
 / Source: NBC News By John W. Schoen, CNBC 
 
 It's the biggest financial worry for anyone saving for retirement: will I outlive my savings and die broke? 
 
 Based on surveys repeatedly pointing to dismally low levels of retirement savings, most American households have reason to be concerned. The latest report on how many Americans die broke comes from an analysis by the Employee Benefits Research Institute based on data from the University of Michigan's Health and Retirement Study. 
 
 Of those 85 or older who died between 2010 and 2012, roughly one in five had no assets other than a house, according to the analysis. The average home equity was about $140,000. Roughly one in eight of those households had no assets at all. 
 
 Those who died single at 85 or older fared worse, roughly a quarter had only some equity in a house — about $83,000 on average. One in six had nothing, and one in 10 died with an average debt of about $6,000. 
 
 For those who died at a younger age, the numbers were even worse. Some 30 percent of households losing a family member between ages 50 and 64 had no assets left. Those households also had lower incomes than older retirees. 
 
 "A lot of folks really don't have much of a financial cushion by the time they get to the end." 
 
 Old and Poor 
 
 For many retirees, the end of life comes with major medical costs that can wipe out savings. But others have little savings to begin with. 
 
 "A lot of folks really don't have much of a financial cushion by the time they get to the end," said MIT economist James Poterba, whose 2012 study found that many Americans die with "virtually no financial assets." 
 
 Poterba's study found that 46 percent of American's had less than $10,000 in financial assets in the last year of their life. 
 
 "Many more people who have very low financial assets at the end of life have been bumping along with low assets through most of their retirement," he said. "They just hadn't saved very much." 
 
 A number of studies have detailed how little retirees have saved. 
 
 Last fall, a Harris poll conducted for Wells Fargo found that a third of respondents between ages 25 and 75 — with a household median income of $63,000 — weren't contributing anything a 401(k), an IRA or other retirement savings account. Half of those over age 50 said they won't even have enough money to "survive" on in retirement. 
 
 And for those nearing retirement, the median savings was just $14,500, according to a study last month by the National Institute of Retirement Security. 
 
 "So it's not surprising that there a lot of people who get to 75 or 85 and have nothing left," said Diane Oakley, the institute's executive director. "They didn't have much to begin with." 
 
 Struggling to Save 
 
 While living longer requires a larger nest egg at retirement, the Employee Benefits Research Institute analysis found that older households fared better financially at the end of life. 
 
 "Households which lost family members at relatively younger ages were also the households with lower asset holdings and lower income," said Sudipto Banerjee, author of the study. "Singles who died relatively early were in much worse financial condition than couples." 
 
 People who died earlier also had significantly lower household income than households with all surviving members. 
 
 More from CNBC: 
 
 Poterba suggested there may be two reasons people who died older seemed better off financially. One is that healthier people may be able to earn more in their lifetime than those with life-long health issues that may shorten their life span. Conversely, people with greater wealth have better access to health care that may help them live longer. 
 
 Older workers may fare better because many of them are from a generation that was more likely to be covered by a defined benefit pension, which helped them pay the bills without tapping into savings, said Oakley. 
 
 That's not going to be true for coming generations, who are about half as likely to have access to a defined benefit plan at work, she said. 
 
 As more households rely on building their own nest egg, they'll need to put away more savings. But it remains to be seen whether younger workers will be able to do so — especially if interest rates stay low for an extended period, said Poterba. 
 
 "It's very easy for people not to realize how expensive it is to provide a steady income stream and how much you need to build up," he said. "As a matter of arithmetic, if we're in a very long period of lower rates of return, it's going to be challenging for younger households to build up a nest egg by the time they reach 65 because they don't get the compounding that you get at higher rates of return."
– Nearly half of all Americans—49%—have no money in their savings account or no savings account at all, CNBC reports. “It’s worrisome that such a large percentage of Americans have so little set aside,” a financial analyst for the site that conducted the survey tells Market Watch. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends, and family." The survey of 5,000 people found that 62% of Americans have less than $1,000 saved, while only 14% had more than $10,000 in their savings account. These numbers come despite a September survey showing Americans are getting more interested in—and being more effective at—saving money, CNBC reports. Last month's numbers for interest, effectiveness, and effort toward saving were the highest ever for the survey. However the survey did come to the obvious conclusion that the country's biggest earners—those making more than $100,000 a year—were by far better at saving money than those in a lower income bracket. According to the federal government, Americans on average saved 4.6% of their disposable income in August.