While you might think that saving for college, retirement, or buying home are the reasons Americans save, according to a recent survey, travel was reported as the top priority. In a study of 2,500 adult Americans representing varied demographic, geographic, economic, and social groups, 45 percent of respondents set aside money for traveling. This was especially true among younger respondents, who prefer travel experiences over savings to buy a home.
After travel, the main priorities for saving by Americans are:
- for an emergency fund (37 percent)
- for retirement (30 percent)
- to buy a house (21 percent)
- to buy a car, truck or motorcycle (20 percent)
For additional information on saving priorities, check out these two resources:
- Have students conduct a survey among people they know to determine the main reasons for saving.
- Have students talk to others to obtain ideas for building a person’s savings account.
- What do you believe are reasons people prefer saving for travel over other financial goals?
- Describe other actions that might be taken to motivate people to build their savings?