If you have taken the proactive step to start saving for a financially healthy future, it’s important to know how much your savings will increase in value based on the interest rate associated with your account. This way you will have a clearer idea of how much money you will have saved for a milestone such as retirement.
If you have decided to start saving and have the financial capability to, you are one step ahead. According to a recent poll conducted by American Consumer Credit Counseling, 75 percent of consumers do not feel adequately prepared for retirement. For a full breakdown of the statistics found in this poll about retirement saving, reference the infographic.
Another recent poll conducted by ACCC found that 37 percent of consumers put their savings toward credit card debt and only 11 percent put their savings toward a retirement fund instead. Interestingly, 34 percent reported that they do not earn enough to save. For more information about paying off debt versus saving for the future, check out this infographic. The more accurate of a picture you have of your financial situation, the better you will be to plan for the future.