The average adult has less than $10,000 saved, saves less than 10% of his or her salary for retirement, feels financially insecure and would spend almost half of any newfound money, according to a slew of new data from Pentagon Federal Credit Union and market research firm McLaughlin & Associates.
Tysons Corner, Virginia-based PenFed and McLaughlin & Associates collected the data in a survey of 1,000 adults in February. They released the data over the course of America and Military Saves Week last week. PenFed has $23 billion in assets and about 1.6 million members.
“The [America and Military Saves] Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status,” the credit union said.
Most Americans have little saved
The survey found that on average, adults had $8,700 saved. That included households with dual incomes. Most adults (62%) had less than $5,000 saved; only 20% had more than $20,000 saved.
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