ING Direct Survey - 64 Percent of Americans Will Stash More Cash in 2010 Than 2009

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A survey commissioned by ING Direct has some interesting findings on American attitudes towards savings and debt.

A survey commissioned by ING Direct has some findings on American attitudes towards savings and debt. Amongst the findings:

  • Two-thirds, (64 percent) of Americans plan to stash more cash in 2010 than in 2009;

  • More than nine out of ten (93 percent) Americans with children under 18 in the household say earning enough to cover monthly bills is important as a financial goal for the New Year;

  • Close to nine out of ten (89 percent) say building an emergency fund is important;

  • More than two thirds, (71 percent) of Americans say investing more for retirement is important, while 60 percent say paying off credit card debt is an important financial goal for 2010; and

  • Spending less overall is an important financial goal for 91 percent of Americans.

None of this strikes me as surprising.

In addition, the survey found that nearly four in ten (37 percent) Americans are hopeful about America's recovery in 2010, while about one in five (19 percent) are feeling pessimistic or anxious and stressed about the economy. Somewhere in-between these two extremes are a lot of people who don't know which way the economy will go.

The press release quotes the President of ING Direct. He says:

"Americans believe 2010 will bring some economic recovery," said Arkadi Kuhlmann, President of ING DIRECT USA. "However, before Americans can say goodbye to the recession, they must first get their home economics in order. Having a savings account with emergency funds, managing expenses to avoid late fees and interest payments, and eliminating debt should be top priorities this year."

I don't see how the results support that statement. After all, only 37% of Americans were hopeful about America's recovery. But hey, it helps to be optimistic, right?

Sam Cass
Sam Cass: Sam Cass, MBA, JD, University of Texas at Austin. Always a fan of Leonardo Da Vinci.

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