Administration February 6, 2004
Vacations Trump Retirement Savings
June 26, 2002 (PLANSPONSOR.com) - More Americans are saving for a vacation jaunt to the south of France and trimming back their credit-card balances than salting away their pennies for a comfortable retirement, a survey found.
Reported by Fred Schneyer
The study by the GE Center for Financial Learning found that 64% saved for vacations or paid off their plastic, while fewer than half saved for retirement.
One out of five Americans don’t save for vacations or anything else for that matter, according to the GE study.
The odds that someone would be a saver increase with income level, according to the study. Almost all of those making $100,000 will do some saving.
The survey found that:
- more than one-third save between 5% and 10% of their monthly income,
- more than one-fifth save less than 5% and
- nearly a third put away more than 10%
The study polled 1,000 American households.
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