The year is only three months old, but we’re going to be bold here: Perhaps 2017 is the year Americans really dedicate themselves to padding their savings accounts. We say this because of a recent Bankrate.com survey that found Americans’ confidence in their savings is higher than it was last year.
The report, which surveyed more than 1,000 adults about their savings, found that 22 percent of consumers said they feel “more comfortable” with their savings now than at the same point in 2016. About 55 percent said they feel “about the same” and 19 percent said they feel “less comfortable” about their savings. This is the first time in the six years Bankrate has been conducting this survey that the percentage of Americans who felt comfortable with their savings was higher than the percentage of Americans who felt uncomfortable.
There are quite a few reasons why people are feeling good about their savings. As the Bankrate report notes, the stock market has been doing well, which means many retirement balances are looking pretty good right now. The unemployment rate is also down, so people might not be as worried as they have been in recent years about finding a new job. And with the Fed raising rates, some consumers could be anticipating earning a higher return on their savings. Now consumers just need to put their money where their mouths are. Feeling comfortable is good; actually putting more into savings is great.