Editor’s note:This blog post was authored by Jerry Kelly, National Director of the U.S. Department of the Treasury’s Ready.Save.Grow. campaign.
Encouraged by recent economic gains and lower levels of household debt, Americans are seeking greater financial stability by making saving a priority.
According to the U.S. Bureau of Economic Analysis, we saved 6.5 percent of our disposable personal income in December 2012, up from 3.4 percent in December 2011. That translates to $805.2 billion in annual savings.
At the same time, however, the Corporation for Enterprise Development (CFED) reports that almost half of our households don’t have enough savings to fall back on in the event of an emergency.