The Number One Thing People Are Saving For Isn’t Retirement

Leah Bourne
August 8, 2018
Some of the links in this post are from our sponsors, and we might earn a commission if you click on one. We are letting you know because, as our grandmother taught us, an honest penny is better than a stolen dollar. Now, back to filling up your piggy banks.

Interestingly, most Americans aren’t saving their money for retirement, or to add to their child’s college fund, these days, but are actually prioritizing seeing the world above all else.

A recent SunTrust Banks survey revealed that 45% of Americans are stashing away money to travel ahead of things like buying a house, retirement, or saving for a rainy day.

This might not be all that surprising if this survey had just been an analysis of younger people, but it was actually across ages, incomes, and even geographic regions.

After travel, per the survey, 37% of Americans want to save for a rainy day fund, 30% for retirement, 21% to buy a house and 20% to buy a car.

It isn’t just this specific survey, either, that has found people have travel on the brain. Per an Expedia study, 57% people are saving to travel, and a whopping 65% of millennials are saving to hit the road. A huge number–74% to be exact–prize travel over material possessions.

Find yourself wanting to travel the world, but don’t have the cash at this exact moment? One of our favorite ways to start a Paris (or London, or Rio, or Shanghai) fund is by signing-up for the app Digit, which automatically moves money to your saving account based on your spending habits, so you can start saving without even realizing it. You’ll be on your dream getaway in no time. Just promise to send us a postcard.

Feature Image: Unsplash

Hold on!

We aren’t done helping you make and save money! Swipe for lot’s of ways to connect with us so you never miss a single one of our money tips or tricks. Your wallet will thank you.

In need of some daily motivation to get your finances on track (who isn’t)?

Follow us on Instagram.

Follow on Instagram

Subscribe to our YouTube channel for money saving app reviews brought to you by our editors.