Survey Finds Nearly 30 Percent of Americans Have Less Than $500 Saved

MIAMI, Florida - Managing money is no box of chocolates, yet three in five Americans (60 percent) are not just comfortable with it, they’re confident about their finance skills — at least according to a recent financial confidence survey conducted by TopCashback.com, the USA’s most generous cashback site.

The survey polled a cross-section of 1,736 adults, aged 18 and over.

The ABCs of Financial Confidence

While “financial confidence” is more of a feeling than a technical term, the basic concepts and practices of saving money, being prepared for an emergency and setting goals can all be categorized under that umbrella.

Do you have a savings account?

Yes (79 percent)
No (21 percent)

Do you budget your money?

Yes (72 percent)
No (28 percent)

Preparing for the future

Money can sometimes be a taboo subject in conversations, but 80 percent of Americans feel comfortable talking about money. It may not come up all the time, but money is on the minds of many.

Do you have financial goals?

Yes (80 percent)
No (20 percent)

Are you on track to meet those goals?

Yes (56 percent)
No (44 percent)

The new year is a great time to set any goals to achieve in the next 366 days (hello, Leap Year!) and it’s important to prep for the long run.

On average, how much do you have saved? (top three responses)

More than $12,000 (35 percent)
Less than $500 (27 percent)
$1,001 to $3,000 (12 percent)

With the top two responses being more than $11,000 apart from each other in terms of how much Americans are saving, more than half (57 percent) do have a retirement fund whether that’s a 401(k), savings, etc.

Bills, bills, bills

If bills begin to stack up, it can be a stressful time for anyone. The survey found that less than half of Americans (44 percent) feel financially secure and 29 percent of Americans do not have credit card debt.

Do you ever stress over or worry about money? (top three responses)