WORK-LIFE BALANCE / FEB. 02, 2015
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How Are Americans Planning to Save Money in 2015?

An infographic by GOBankingRates showed the different groups of people that have decided to make financial saving plans their new year’s resolution.

Men, women, millenials, baby boomers, and Generation Xers are handling their finances differently in 2015.

For some, anything dealing with retirement, emergencies, or home renovations is what seems most important to save for this year.

Saving for a vehicle appears to be the most important goal for most men. This is more likely than their female counterparts to have money sitting aside just for that reason. Women, on the other hand, are more than likely to be saving for a rainy day than men are. Most choose to save their hard-earning money for an emergency fund.

Like most men, millennials are looking to invest in a new ride or some sort of pricey purchase. They were also found to have short-term saving goals for a vacation or wedding. 

Baby boomers are more than likely, compared to any other group, to be saving for one or more of the following: retirement, healthcare costs, or home repairs and renovations.

Lastly, the Generation X group is more focused on planning for long-term goals like homeownership, saving for a wedding, or building an emergency fund.

According to the survey, these five groups are also facing major obstacles or shortcomings on their road to saving money:

  • Most male surveyors chose poor money management as their obstacle to saving.
  • Women reported insufficient funds and unemployment as their biggest challenges.
  • The millennial group listed unemployment as a major issue. For those younger than 34, student debt was another concern.
  • People in Generation X said that having insufficient funds and credit card debt hinders them from saving money.
  • Like Generation X, baby boomers blamed credit card debt and scarce finances on their money-saving failures. Unemployment is also another hurdle to overcome.

Overall, GOBankingRates found that being broke and unemployed are what most people are concerned about when it comes to saving in 2015. Others are concerned with loans, credit card debt, or poor money management. Yet, over 23 percent says that they really couldn’t point out any obstacles they’re facing at the moment.

Whatever the case may be, most aspiring money-conscious people say that they will either budget better or pay off debt in order to reach some of these goals. The third most popular response, however, was from those who have decided to do nothing to change their savings circumstances.

 

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