Why don’t Americans reach their financial goals?
December 14, 2016 | Kendra Galante
Unfortunately, it’s no secret that many signs point to trouble ahead for American finances.
More than one third of all Americans have saved nothing for retirement
- 26 percent of Americans say they have less than $1,000 in savings and investments
- Less than half of parents are saving for their children’s college tuition
- Just 24 percent of Boomers are confident they’ll have enough savings to last through retirement
That’s why it’s so important for Americans to understand their probability of achieving long-term financial goals like retiring, or saving for a child’s college tuition. Check out the infographic below, which can help individuals uncover their financial probability score. If it’s not on par with their financial goals, they can consider various adjustments such as cutting spending, ramping up retirement savings, postponing retirement and more.
(Click the image for a larger view)