Survey: Saving Money Easier to Say Than Do
If you find it hard to save, you're not alone. According to a recent survey, many Americans think about saving for the future, but few actually do it. The Braun Research and Bank of America survey is a revealing portrait of how residents of major metropolitan cities view money and the importance of saving. Some of the findings: * New Yorkers stress over money, but they also tend to be spendthrifts, putting their savings toward pampering. Conversely, 36 percent of New Yorkers save for education expenses versus 27 percent for the average American. * Los Angeles residents' highest priority is paying bills, but they also tend to put money aside for special occasions.
* San Franciscans are less inclined to set financial goals, but 64 percent of residents are saving for retirement, compared to 55 percent of Americans in general. * Residents of Miami are worried about saving for themselves and their families, but just 23 percent are actually saving. * Chicagoans are three times more likely to comparison shop to find the best price and think of themselves as frugal. Twenty-four percent of Chicago residents use direct deposit to help save money compared to 12 percent of average Americans who do the same. * Seventy-six percent of Dallas residents are likely to save for the future in general rather than for a specific purpose.
If given an extra $1,000, they would be more likely to put it toward home improvements. Any of this sound familiar? Do you often find yourself with little or nothing after paying the bills and using that remainder for a luxury rather than putting it in the bank? "Americans know they need to save for a rainy day, but they need a helping hand. Bank of America's "Keep the Change" savings program helps consumers save for a rainy day, one penny at a time, through everyday purchases," said Diane Morais, deposits and debits products executive at Bank of America. "Keep the Change" is an automatic savings program that helps consumers build and keep stronger savings habits. When consumers in the program make a purchase with their Bank of America Visa check card, the price is automatically rounded up to the nearest dollar. At the end of the day, the difference is transferred to the customer's savings account. Bank of America matches 100 percent of the transfers for the first three months of enrollment and 5 percent thereafter, up to $250 paid annually. The program has already helped more than 2 million Americans save over $60 million in loose change.
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