Your Personal Savings Rate Poll Results
A few weeks back I detailed how to calculate your personal savings rate and put a poll out for readers to share their own personal savings rate.
We knew going in that the average U.S. personal savings rate is a mere 5%. And last week we took a look at the personal savings rate by country and how Americans were seriously lagging some of their industrialized sistren (is that a word?) and brethren.
Over two hundred of you voted and I was impressed with the results (not surprised, because I knew you were all an overachieving bunch).
Here are the results!
Inside the numbers:
- There was almost a three-way tie for first between a 10-20%, 20-30%, and 30-40% personal savings rate (each receiving over 20% of the votes). That’s a pretty wide distribution, but great in that all are at least double the U.S. average.
- Very impressed to see that a whopping 43% of you are saving over 30% of your income and 90% of you are saving over 10% – blowing away the averages!
- 13% of you are saving over half your income. Great job to you folks!
- Perhaps, the most impressive statistic is that only 5% of you are below the national average (and 95% were above).
This highlights a few key things to me:
- For the most part, especially compared to the average, you are all doing great.
- I’m pleasantly surprised that more of you aren’t below the national average, since the twenties and even thirties are a time when so many people are trying to dig themselves out of student loan debt.
- Perhaps debt is not the biggest concern on your minds. It might make more sense for me to gear content around boosting savings than getting out of debt.
- Are you surprised, impressed, or shocked with these results?
- What is the spread between your personal savings rate and your desired personal savings rate?
- Is ‘sistren’ a legit word?