Average American has $17,135 in a Savings or Investment Account, According to New State-by-State Survey Findings From Slickdeals

LOS ANGELES, Nov. 12, 2020 /PRNewswire/ -- New Yorkers are putting away 14.5% of their income towards savings goals or investment accounts, making them the most savings-conscious Americans according to a new survey commissioned by Slickdeals, the leading social platform for shopping.

Georgia came in second place at 12.9%, Texas, Ohio and California close behind, while nearly every other state reported putting less than 10% away for future goals.

The survey of 5,000 Americans (100 from each state), conducted by OnePoll on behalf of Slickdeals, aimed to uncover data around how people in different states are reacting to their finances in light of the pandemic.

According to the results, 58% of those polled say that COVID-19 has completely changed how they approach savings, with 53% saying they've started saving for different things since the pandemic started.

The average American polled was found to have $17,135 locked away in a savings or investment account, with people from South Dakota leading the way with an average of $24,497 in savings. The states with the least amount of savings were found to be West Virginia ($6,936) and Tennessee ($9,628).

Of those surveyed, the top thing they were saving for was found to be an emergency of some kind (32%), followed closely by retirement (31%), with a new car coming in at a distant third (20%).

But the results showed that Americans are now making a much greater effort to put money away. Nearly six in ten (59%) say they are officially cutting back on their spending towards this effort.

Of those cutting back, taking advantage of deals and discounts instead of buying at retail price (45%) was a popular method, as well as getting less take-out (44%) and making coffee at home rather than getting their caffeine fix from a pricey cafe.

"Cutting back on your spending does not always require drastically altering your lifestyle," said Ryan Tronier, senior personal finance editor at Slickdeals. "Once saving money becomes a priority, you can start to make minor changes that start to add up over time."

One of the more concerning stats to come from the survey was that just over one in three Americans polled (35%) actually think they will be able to retire some day.

Younger Americans (Gen Z and millennial respondents) were the least likely to say they feel as if they will be able to retire in the future.

Tronier added, "Making smart purchase decisions and looking for deals or coupons is a great way to accelerate your savings. At Slickdeals, we've assembled the largest community of savvy shoppers so users can score the best deals on the best products, with insight from millions of real people."

AVERAGE SAVINGS BY STATE

To learn more about the survey, visit here.

 About Slickdeals

Slickdeals is the leading social platform for shopping, where 12 million users interact to share the most up-to-date information on online shopping deals and coupons. Through the power of crowdsourcing, Slickdeals has saved its users over $6.8 billion by providing a forum for communication; as well as shopping tools such as its free Android or iOS app and its browser extension for Chrome, Firefox and Edge. Slickdeals consistently ranks in the Top 100 most visited sites in the U.S. per Alexa.  

SOURCE Slickdeals