BACK

Have Cards, Will Travel

Poll: Americans say they’d rather save than spend

Summary

An April 2014 Gallup poll shows that Americans state they would rather save than spend, a desire that has increased for the third year.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

Almost twice as many Americans polled say they enjoy saving money than say they enjoy spending it, a trend that has increased for the third year running in the Gallup Economy and Personal Finance Poll, which has been conducted since 2001.

In the survey, conducted April 3-6, 2014, 62 percent of Americans polled said they preferred saving; 34 percent preferred spending. That continues the divergence that took hold after the Great Recession. Before the recession, spending and saving were closely matched desires, with saving ahead by a nose, 50 percent to 45 percent. The spread widened dramatically after the recession, from 5 percentage points to 28.

Residents from the South were the most likely to prefer saving, at 73 percent; least likely were Westerners, with 51 percent. Also, people making less than $20,000 were most likely to want to save, also at 73 percent. The closest income range was at $75,000 or more, with 63 percent of those people preferring to save.

While Americans consistently say they enjoy savings, they do little of it, other data show. Personal savings as a percentage of disposable income was just 4.3 percent in February 2014, according to the U.S. Bureau of Economic Analysis.

Gallup conducted its survey by telephone, with 1,026 people 18 and older interviewed in all U.S. states and Washington, D.C. Its margin of error is plus or minus 5 percentage points.

 

See related:Saving money versus paying off debt, More infographics

To use the graphic on your site, use the following code:

 <center><a href=”http://www.creditcards.com/credit-card-news/Gallup-Americans-love-save-money-not-spend-1701.php”><img alt=”CreditCards.com infographic: Americans love to save rather than spend” border=”0″ src=”http://www.creditcards.com/credit-card-news/images/infographic-spend-save.final.jpg” /></a> </center>

What’s up next?

In Have Cards, Will Travel

Infographic: Baby boomers have the most credit pride

Baby boomers have more credit confidence than younger generations, according to a survey

Published: January 7, 2014

See more stories
Credit Card Rate Report Updated: March 26th, 2019
Business
15.24%
Airline
17.50%
Reward
17.55%
Cash Back
17.58%
Student
17.79%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.