More Americans Focus On Building Healthy Savings Accounts

Posted on Fri, Mar 16, 2012

Millions of Americans were adversely impacted by the Great Recession, and a higher percentage of individuals have renewed their focus on saving, rather than spending, as a result.

According to a recent survey conducted by Harris Interactive on behalf of, 69 percent of adults report having a savings account, and of this percentage, two in five respondents say they have funneled more money into their savings in the past year than in previous years.

Twenty-four percent said they were saving for a specific goal, such as a wedding, vacation or down payment, while 20 percent said they thought it made sense to open an account. Seventeen percent said they wanted to have an emergency fund, and 9 percent stated they wanted to be better prepared following the recession.

"Many Americans continue to face financial challenges, but the good news is that they are recognizing the importance of setting aside money in a savings account - no matter how big or small," said president Jackie Warrick.

Larger banks have seen their membership numbers fluctuate in recent months as Americans shy away from complex products and turn back toward simple and affordable bank offerings, such as checking and savings accounts. Credit union programs experienced a spike in membership rates, which skyrocketed from 600,000 in 2010 to 1.3 million in 2011, as individuals sought out more affordable products to grow their wealth. 

Tags: Economic Trends, Consumer behavior