Americans Struggle to Save for the Long Term

February 12, 2013 ( More than four in 10 (41%) Americans surveyed are living paycheck-to-paycheck, and another 8% say they do not earn enough each month to pay for essentials.

Findings from the second installment of Allstate Financial’s “Life Tracks” poll indicate Americans are struggling to save. “Too many Americans are faced with financial challenges today that lead to an unstable future,” said Don Civgin, president and CEO of Allstate Financial.  

Only 46% of those in households making $50,000 per year or less have a retirement plan in place, compared to 89% of those in $75,000 or more per year income households. Just four in ten respondents (41%) are very confident about being able to afford daily expenses during retirement.   

While a majority (about 60%) say their savings remained about the same in the past year, just 15% say their short-term emergency savings have increased, and 14% say their long-term savings and investment activity have increased.  

More information about the study is here.