More than half of Americans are disappointed with their overall savings, according to a new Bankrate.com survey, including 27% who wish they had started saving earlier for retirement and 19% who lament not saving enough for emergencies.
The Saving for the Future Act would require employers to contribute 50 cents to a savings account for each worker for every hour worked, or more than $1,000 a year, with the goal of helping workers prepare for emergencies and retirement.
Seventy-seven percent of Americans think Congress should do more to expand access to retirement plans, while 83% favor making it easier to save for retirement, and 69% think policymakers should support solutions that convert savings into an income stream.
A survey found more Americans are prioritizing building an emergency savings fund over retirement savings.
Many workers earning between $35,000 and $100,000 voice confidence about near-term financial goals, but this seems to be coming at the expense of long-term aspirations.
The new tool was created in response to the numerous news reports and research papers citing a dire lack of rainy day savings among average Americans.
Expenses are cited as the main reason why they are failing to save anything, Bankrate.com found in a survey
Many may need to set up an emergency fund or pay off debt first.