As the average amount of consumer debt climbs, American Consumer Credit Counseling’s recent poll found that 83 percent of respondents opt to pay off debt rather than invest in a savings account. In fact, a large number of consumers, 58 percent, responded that they do not regularly contribute to a savings account. For those who said that they are unable to save for the future, they attributed it to a number of reasons including: not earning enough, putting savings toward credit card debt, spending too much to save, putting savings toward other debts, and contributing to a retirement fund instead.
The poll also found that on a weekly basis, the majority of respondents (37 percent) save nothing weekly, while others save anywhere from 20 to 150 dollars weekly. For a full breakdown of how consumers prioritize paying off debt versus saving for the future, see the infographic below:
