The U.S. personal savings rate rose to 3.3 percent in September, according to the Bureau of Economic Analysis (BEA). The September savings rate marks a slight increase over the August monthly measurement of 2.8 percent and it remained well above the rate from this time last year. In September 2008, consumers saved $140.3 billion, or 1.3 percent. September personal savings were $355.6 billion, posting an increase of $215.3 billion.
Recent data shows that nearly 25 percent of Americans do not feel confident that they have done an ideal job preparing for their retirements. Overall, less than 1 in 4 workers are very confident they will be able to live the kind of life they want in retirement, a compelling indicator that Americans must re-examine their savings strategies if they are to attain a sound financial future.
“The good news with the numbers released is that personal savings clearly continues to be a priority for the vast majority of Americans, many of whom are still concerned about the overall state of the economy and their individual financial stability,” said Cathy Weatherford, CEO and president of the Insured Retirement Institute (IRI). “And while savings have more than doubled over this time last year, we are seeing a slight decline from the record rates earlier this year.”
Consumers and financial advisors looking for retirement planning resources can find information, tips and interactive tools online at www.IRIonline.org.