Before I start talking about our findings, please note you can find all of the raw data collected in the link on the bottom of this article.
What percentage of your monthly income do you save?
Insights from this part of the survey:
It is interesting to note that a significant number of respondents, 47%, save over 40% of their monthly income. This suggests that there is a considerable portion of the surveyed population who actively prioritize saving a large portion of their earnings.
On the other hand, a smaller percentage, 5%, save between 31-40% of their income, indicating a slightly lower commitment to saving compared to the previous group.
A moderate percentage of respondents, 21%, save between 21-30% of their income. This group can be seen as maintaining a balanced approach to saving, neither overly conservative nor exceptionally ambitious.
Additionally, 14% of the participants mentioned that they save between 11-20% of their income. While this percentage is lower than the previous groups, it still indicates a notable portion of individuals who prioritize some level of saving.
Savings Rate Comparison:
| Income Saving Range | Number of Respondents | Percentage |
|---|---|---|
| 0-10% | 13 | 13% |
| 11-20% | 14 | 14% |
| 21-30% | 21 | 21% |
| 31-40% | 5 | 5% |
| Over 40% | 47 | 47% |
| Not applicable | 0 | 0% |
The table above provides a breakdown of the respondents' income saving ranges and the corresponding percentages. It is evident that the majority, 47%, save over 40% of their monthly income. This is followed by the 21-30% saving range, which accounts for 21% of the respondents.
On the other hand, the lowest percentage is allocated to the 31-40% saving range, at only 5%.
It is crucial to note that 0% of the participants stated that saving is not applicable to them, indicating that the survey mainly targeted individuals who have some form of saving behavior.
How do you decide what percentage of your paycheck to save vs spend?
Key Takeaways from Survey Results
- 39% of respondents have a specific budget plan when deciding what percentage of their paycheck to save vs spend.
- 14% save whatever is left over after spending.
- 35% have no specific approach for saving vs spending.
- 11% save a set percentage of their paycheck every time.
- Only 1% save a set dollar amount from their paycheck.
Insights from this part of the survey
Based on the survey responses, it appears that nearly 40% of respondents follow a specific budget plan when it comes to deciding how much of their paycheck to save and how much to spend. This suggests that these individuals have a well-defined financial plan in place to help them manage their finances effectively.
On the other hand, 14% of respondents prefer to save whatever is left over after spending. This implies that they prioritize their spending first and then save whatever remains, which might indicate a more flexible approach to their finances.
A significant portion of respondents (35%) stated that they do not have a specific approach for saving vs spending. This suggests that they may not have a clear strategy in place and might benefit from adopting a more structured approach to their finances.
Interestingly, only 11% of respondents save a set percentage of their paycheck every time. This group seems to prioritize consistent savings and may have established a routine of allocating a certain portion of their income towards future financial goals.
Lastly, only 1% of respondents save a fixed dollar amount from their paycheck. This indicates that very few individuals have chosen a specific amount to save each time, which might reflect a preference for flexibility in their saving habits.
Comparison Table: Approaches to Saving versus Spending
| Approach | Percentage of Respondents |
|---|---|
| Specific budget plan | 39% |
| Save whatever is leftover | 14% |
| No specific approach | 35% |
| Save a set percentage every check | 11% |
| Save a set dollar amount every check | 1% |
From the comparison table, we can clearly see that the majority of respondents (39%) follow a specific budget plan, representing the highest percentage. On the other hand, saving whatever is leftover and having no specific approach had the second and third highest percentages, with 14% and 35% respectively.
Comparatively, a smaller percentage of respondents save a set percentage of their paycheck every time (11%), while only 1% save a fixed dollar amount. This implies that the former two approaches are more common among respondents.
What financial goals are you currently saving for?
Key Takeaways from Survey Results
- Retirement is the top financial goal for 31% of all respondents.
- Paying off debt is the second most common financial goal, with 39% of respondents saving for it.
- Further education is a priority for 14% of respondents.
- Only 8% of respondents are saving for a down payment on a house.
- A small percentage of 5% are saving for a vacation.
Insights from this part of the survey
Based on the survey results, it is clear that retirement is a significant financial goal for many respondents, with 31% of them saving for it. This indicates that people are mindful of planning for their future and ensuring financial stability after retirement.
Paying off debt is another common financial goal, as highlighted by the 39% of respondents who are actively saving towards it. This suggests that individuals are taking steps to reduce their financial burdens and improve their overall financial well-being.
Surprisingly, only 8% of respondents are saving for a down payment on a house. This lower percentage could be attributed to various factors, such as high housing costs or a preference for renting rather than owning property.
About 14% of respondents are focused on further education. This indicates a desire for personal and professional growth through acquiring additional skills or knowledge. Investing in education can open up new opportunities and potentially lead to higher earning potential.
While vacations are often seen as a way to relax and unwind, only a small percentage of 5% prioritize saving for this goal. This suggests that individuals may be prioritizing long-term financial goals over immediate gratification, choosing to focus on more essential objectives such as retirement or debt repayment.
Comparison Table: Financial Goals
| Financial Goals | Percentage of Respondents |
|---|---|
| Retirement | 31% |
| Down payment on a house | 8% |
| Paying off debt | 39% |
| Vacation | 5% |
| Further education | 14% |
Should you prioritize paying off debt or building savings first?
Key Takeaways from Survey Results
- The majority of respondents (62%) believe in prioritizing both paying off debt and building savings simultaneously, showing a balanced approach to financial management.
- A significant portion of respondents (17%) choose to pay the minimums on debt while putting the rest towards savings, indicating their commitment to both short-term financial responsibilities and saving for the future.
- A small percentage (14%) opt to pay off all debt first, demonstrating their desire for financial freedom by eliminating debts before focusing on savings.
- Only a minority of respondents (2%) prioritize building emergency savings first, suggesting that most individuals value debt repayment over immediate financial security.
- Just a few respondents (4%) prefer focusing on the debt with the highest interest rate first, showcasing their concern for minimizing long-term financial costs.
Insights from this part of the survey
It's interesting to note that a majority of respondents (62%) believe in striking a balance between paying off debt and building savings. This indicates a conscious effort towards managing both short-term financial obligations and future financial security.
Additionally, the significant portion of respondents (17%) who choose to pay the minimums on debt while allocating the rest towards savings suggests a commitment to both immediate responsibilities and long-term financial goals.
Another noteworthy finding is that a small percentage of respondents (14%) prioritize paying off all debt first. This reveals their strong desire for achieving financial independence by eliminating debts before allocating funds towards savings.
Moreover, the fact that only a minority of respondents (2%) prioritize building emergency savings first implies that most individuals consider debt repayment as a higher priority than immediate financial security.
Lastly, the response from a few individuals (4%) who prefer focusing on the debt with the highest interest rate showcases their concern for minimizing long-term financial costs. This approach demonstrates their focus on effectively managing their debts to mitigate potential financial burdens in the future.
Comparison of Respondent Choices
| Response | Percentage |
|---|---|
| Pay off all debt first | 14% |
| Build emergency savings first | 2% |
| Do both simultaneously | 62% |
| Pay minimums on debt and put rest to savings | 17% |
| Focus on the debt with the highest interest rate first | 4% |
How satisfied are you with the interest rate you earn on your savings account?
Key Takeaways from Survey Results
- Only 11% of respondents are very satisfied with the interest rate they earn on their savings account.
- The majority of respondents (34%) are somewhat satisfied with their interest rate.
- A significant percentage of respondents (29%) are somewhat dissatisfied with their interest rate.
- An equal number of respondents (13%) are very dissatisfied and neutral about their interest rate.
- None of the respondents selected N/A as their answer.
Insights from this part of the survey
Based on the survey results, it is evident that a large proportion of respondents are not entirely satisfied with the interest rate they earn on their savings account. Only a small minority (11%) reported being very satisfied, indicating that the majority of respondents feel there is room for improvement.
Interestingly, while 34% of respondents claimed to be somewhat satisfied, please note that this does not necessarily reflect a high level of contentment. It may indicate that some respondents have resigned themselves to accept the current interest rates, despite a desire for better returns.
The survey also revealed that 29% of respondents expressed some level of dissatisfaction with their interest rate. This suggests that nearly one-third of the participants believe they are not getting the best returns on their savings.
It raises questions about whether these individuals are actively seeking alternative options or considering adjustments to their financial strategy.
An equal number of respondents (13%) fell into both the very dissatisfied and neutral categories. While this may seem contradictory, it implies that a portion of the participants are either resigned to their unsatisfactory interest rate (neutral), or strongly dissatisfied but have not taken steps to address the issue.
This indicates a potential lack of awareness or inertia in seeking better savings opportunities.
The absence of any respondents selecting N/A as their answer suggests that the interest rate on savings accounts is a relevant and important aspect for all participants. It underscores the significance of this aspect in personal finance considerations and highlights the need for individuals to assess and evaluate their options for maximizing savings returns.
Comparison of Satisfied versus Dissatisfied Respondents
| Satisfaction Level | Percentage |
|---|---|
| Satisfied (Very satisfied + Somewhat satisfied) | 45% |
| Dissatisfied (Somewhat dissatisfied + Very dissatisfied) | 42% |
This comparison suggests that although a significant portion of respondents are dissatisfied with their interest rate, there is also a considerable proportion (albeit smaller) who are content. This indicates a varied range of experiences and perspectives among survey participants.
What's the biggest financial mistake you've made?
Insights from This Part of the Survey:
Looking at the data, it is clear that a notable number of individuals have experienced financial mishaps. Among the respondents, credit card debt was a common financial mistake, with 16% acknowledging its negative impact.
This highlights the importance of managing credit wisely and avoiding excessive borrowing.
Furthermore, 15% of respondents admitted to not saving for emergencies, which can leave them vulnerable to unforeseen expenses. Building an emergency fund is crucial for financial stability and can provide a safety net during unexpected situations.
In terms of investments, 6% of respondents expressed remorse over making poor choices. This emphasizes the need to educate oneself and seek professional advice before venturing into the investment world.
Another prevalent error was overspending on non-essentials, as indicated by 26% of respondents. This highlights the challenge many people face in distinguishing between needs and wants. It is crucial to prioritize essential expenses and practice mindful spending to avoid financial strain.
Interestingly, 37% of respondents claimed not to have made any significant financial mistakes, which may be a result of personal financial skills or fortunate circumstances. It is fundamental to note that these self-assessments might not capture all potential errors, as individuals may not always recognize their own mistakes.
Comparing the responses, it is evident that overspending on non-essentials was more prevalent than making poor investment choices. This suggests that individuals may struggle more with controlling discretionary spending than making successful investment decisions.
Comparison: Overspending versus Poor Investment Choices
| Survey Response | Percentage |
|---|---|
| Overspending on non-essentials | 26% |
| Making poor investment choices | 6% |
Based on the survey results, overspending on non-essentials was much more prevalent than making poor investment choices. This indicates that individuals may need more guidance when it comes to managing their discretionary expenses rather than their investment portfolio.
It is crucial to develop effective budgeting and spending habits to prevent financial difficulties caused by mindless expenditure.
Which investment type do you find most appealing?
Key Takeaways from Survey Results- A majority of respondents (42%) find real estate to be the most appealing investment type.
- 13% of respondents are drawn towards stocks as their preferred investment.
- A small portion of respondents (8%) show interest in bonds.
- The allure of cryptocurrencies attracts a mere 5% of respondents.
- Surprisingly, a significant number of respondents (32%) prefer not to invest.
Insights from this part of the survey
- A majority of respondents (42%) find real estate to be the most appealing investment type.
- 13% of respondents are drawn towards stocks as their preferred investment.
- A small portion of respondents (8%) show interest in bonds.
- The allure of cryptocurrencies attracts a mere 5% of respondents.
- Surprisingly, a significant number of respondents (32%) prefer not to invest.
Insights from this part of the survey
Based on the survey results, it is evident that real estate is the overwhelming favorite among respondents, with a staggering 42% choosing it as the most appealing investment type. This suggests that individuals have a strong belief in the stability and potential returns of real estate investments.
In contrast, only 13% of respondents expressed an interest in stocks. While this percentage might seem relatively low, it still indicates a significant portion of individuals who see the value in investing in the stock market.
Stocks are generally known for their potential for high returns but also come with higher risks.
A minority of respondents (8%) showed an affinity towards bonds. Bonds are often perceived as a safer investment option, appealing to those seeking more stability and a reliable income stream.
Meanwhile, cryptocurrencies gained the attention of only 5% of respondents. The volatile nature of cryptocurrencies and their unregulated market might be deterring factors for potential investors.
Interestingly, a noteworthy portion of respondents (32%) reported a preference for not investing at all. This could be due to various reasons, such as a lack of financial literacy, risk aversion, or personal financial circumstances.
The survey results highlight the diverse preferences and attitudes towards investing, with real estate standing out as the most favored investment option. It is essential for individuals to critically evaluate their own financial goals, risk tolerance, and investment knowledge when considering different investment types.
Comparison Table: Appeal of Investment Types
| Investment Type | Percentage of Respondents |
|---|---|
| Stocks | 13% |
| Bonds | 8% |
| Real estate | 42% |
| Cryptocurrencies | 5% |
| I prefer not to invest. | 32% |
What's your most important financial goal right now?
Insights from this part of the survey:
Looking at the statistics, it is clear that a significant portion (36%) of the respondents prioritized paying off debt above any other financial goal. This indicates that managing and reducing debt is a major concern for many people.
Additionally, saving for retirement was a close second, with 33% of respondents acknowledging its importance. It suggests that individuals recognize the need to plan for their future and secure their financial stability during retirement.
Interestingly, buying a home was a significant financial goal for 20% of the respondents. This could imply that a considerable portion of the survey participants may be looking to establish stability and invest in their own property.
On the other hand, saving for a vacation seems to be of minimal importance, with only 2% of respondents focusing on this goal. This could indicate that most individuals are more concerned about long-term financial stability rather than short-term leisure experiences.
Surprisingly, a small percentage (9%) of respondents admitted to not having any financial goals. This might suggest a lack of financial planning or awareness in this particular group, highlighting the importance of financial education and goal setting.
Comparison: Saving for Retirement versus Paying off Debt:
| Financial Goal | Percentage |
|---|---|
| Saving for Retirement | 33% |
| Paying off Debt | 36% |
Comparing the two most prominent financial goals in the survey, we can observe that a slightly higher percentage of respondents (36%) prioritized paying off debt over saving for retirement (33%). This discrepancy could suggest that individuals perceive debt repayment as a more immediate and pressing concern that requires immediate attention, possibly due to its impact on their financial well-being.
Methodology
The objective of this survey was to learn more about how people choose and use a savings rate. The survey had 8 questions:
What percentage of your monthly income do you save?
How do you decide what percentage of your paycheck to save vs spend?
What financial goals are you currently saving for?
Should you prioritize paying off debt or building savings first?
How satisfied are you with the interest rate you earn on your savings account?
What's the biggest financial mistake you've made?
Which investment type do you find most appealing?
What's your most important financial goal right now?
We then looked at the answers to see if there were any trends among different groups.
Survey Design:
We wanted the survey to reach a wide range of people with different backgrounds and interests.
About the participants:
Our target audience was:
We split the group that took part further by things like gender, income level, and others. That let us see how different factors affected their answers.
Data Collection:
They got an online survey where they would provide basic information about themselves. Later, they received a questionnaire with multiple-choice questions (A to E answers or "not applicable").
You can find the raw data collected in this file:
Data Analysis:
We used quantitative analysis to look for trends, patterns, and connections in the responses. The answers were summed up using statistics to give the overall opinion and actions of those who took part.
Cross-tabulations let us see how different survey questions and demographic groups relate.