While nearly two-thirds Americans report having enough money saved to pay for emergency expenses, fewer than half of non-retirees are saving an amount sufficient to have a desirable standard of living in retirement, according to a new report.
American Savings Education Council, an organization managed by the Employee Benefit Research Institute, Washington, D.C., and America Saves, managed by the Consumer Federation of America, Washington, D.C., disclose this finding in a sixth annual national survey assessing household savings. The joint report was released as part of the America Saves Week, an annual event sponsored by government, business and non-profit organizations to promote good savings behavior.
Nearly two-thirds (65 percent) of the survey respondents say they have sufficient emergency savings to cover unexpected expenses. But only 49 percent of the non-retired say they are "saving enough in retirement" to achieve a desirable standard of living.
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