Alice Morgan, Photo Illustration for Investopedia by Getty Images
The Key Takeaways
- According to a survey, Americans wanted to save $8,460 by 2024. However, they only managed $7,460. They fell short of their target goal by over $1,000.
- Over 64% of respondents are confident that they will meet their financial goals by 2025, despite the shortfall in savings.
- Inflation, credit card debt and a possible recession will be the top three financial worries for Americans in 2025.
- 40% of Americans said they had credit card—the average balance was more than $8,200.
A recent survey revealed that Americans will save more money in 2024 compared to the previous year, but they still fall short of their savings targets.
New York Life Insurance surveyed more than half of its customers (47%) who said that they had met or exceeded savings goals. On average, people hoped to save roughly $8,506 last year but managed to put away $7,460—surpassing their 2023 savings by more than $1,000.
Gen Z and millennials were both among the most successful savers. Gen Z averaged $6,164, while Millennials saved more than $12,000.
In spite of this, over three-fifths (75%) of Americans still believe they can achieve their financial objectives in the coming year.
Even as credit card debt looms, financial confidence is still possible
Inflation, credit card debt and a possible recession were cited as the three biggest concerns for 2025.
Credit card debt may be on the minds of many people. The majority of respondents (67%) said they had some type of debt—credit card debt was the most prevalent, followed by mortgage or home equity debt, and medical debt.
The average credit card balance for the 40 percent of respondents who had debt was more than $8200. Gen X owed more than $10k on average in credit card debt.
Many people are still saving, even though they’re working hard to repay their debt. Nearly half of the population has an emergency fund. The average is more than $18,000, an increase of over $3,000 since 2023.
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