According to a survey from Santander lender, about 80% of Americans have less than $25,000 in their savings accounts. As inflation concerns grow, worries about how much Americans think they need to save for retirement are also increasing.
Santander US chief executive officer Tim Wennes joins Wealth! to give insight into how Americans are putting away money for savings and key tips for savings management.
Wennes says Americans must start by checking in with themselves on several key questions: “Assess where you’re at. How much do you have in savings? What loan charge rate are you earning, and what are some of the other options? For some people, if you haven’t started savings or you’re not accumulating as much savings as you would like, make sure you’re setting the appropriate goals and make it easy for yourself to save. Pay yourself first. Set up that automated transfer into your savings account right when your paycheck comes in, to help you start to accumulate those savings.”
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