SAN FRANCISCO — In yet another sign of American's changing emphasis from spending to saving, a survey from Visa indicates that more American consumers are saving for possible emergencies than for any other reasons.
The card brand polled 1,000 Americans over the age of 18 by phone about their savings goals and priorities. The survey had a margin of error of +/- 3.1%.
The survey found that the three most popular reasons for savings were emergencies/rainy day (30%). retirement (20%) and a combination of education and future needs (each receiving 10%). The least popular spending priorities included family (3%), taxes (2%) and appliances/furnishing (2%).
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The card brand also reported that Los Angeles, Orlando and San Antonio were the three metropolitan areas where the greatest proportion of consumers said they had begun to save more money now than in the past.
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