What Financial Goals Are You Currently Saving For?

All respondents

All answers:

Letters A, B, C, D and E refer to the following answers in all of this page's graphs:

X is the number of 'N/A' or not applicable.

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

Age analysis

Ages from 25 to 34:

Key Takeaways from Survey Results:

1. Among respondents aged 25 to 34, the majority (50%) are saving for paying off debt.
2. For respondents aged 34 to 43, the top financial goal is also paying off debt, with 50% of the respondents selecting this option.
3. The age group 61 to 70 shows that retirement is the primary financial goal for a significant majority (57%) of the respondents.
4. Across all age groups, saving for a down payment on a house is consistently lower compared to other financial goals.
5. Respondents in the age group 25 to 34 have the highest percentage (25%) saving for a down payment on a house.

Insights from this part of the survey:

The survey results indicate that individuals in different age groups have varying financial goals. The younger age groups, specifically those aged 25 to 34 and 34 to 43, prioritize paying off debt over other objectives, with 50% selecting this option.

This suggests that these age groups may be more focused on improving their financial situation and reducing their financial burdens.

Interestingly, as respondents get older, the percentage of those saving for retirement increases significantly. In the age group 61 to 70, a substantial majority (57%) are actively saving for retirement, indicating a recognition of the need to prepare for the future.

Furthermore, the consistent lower percentage of respondents saving for a down payment on a house implies that this may not be a priority for most individuals across different age groups.

Explanation and Suggestions:

The high percentage of respondents in the age groups 25 to 34 and 34 to 43 saving for paying off debt suggests that many individuals in these age ranges may be burdened by financial obligations. It is crucial for them to prioritize debt repayment to improve their financial well-being and secure a stronger foundation for future goals.

For those in the age group 61 to 70 who are primarily saving for retirement, it signifies a proactive approach to financial planning. It is commendable that they recognize the importance of ensuring a comfortable retirement and taking the necessary steps to achieve it.

Considering the consistent lower percentage of respondents saving for a down payment on a house, it may be worthwhile to explore the reasons behind this trend. It could be a reflection of changing housing preferences or challenges in the real estate market.

However, for those who aspire to own a home, it is essential to allocate resources and develop a saving plan.

Based on these insights, it is advisable for individuals in their 20s and 30s to prioritize paying off their debts before diversifying their savings towards other financial goals. For those nearing retirement, ensuring a dedicated focus on retirement savings remains crucial.

Male versus female

Male respondents:

Key Takeaways from Survey Results:

• Female respondents prioritize saving for retirement the most, with 28% of them choosing this as their financial goal.
• Male respondents also prioritize retirement, with 35% of them selecting it as their primary financial goal.
• Paying off debt is a significant financial goal for both genders, with 33% of males and 44% of females focusing on this objective.
• Few respondents, both male (5%) and female (5%), are saving for a vacation.
• A small proportion of respondents, both male (14%) and female (14%), have further education as their financial goal.

Insights from this part of the survey:

When it comes to saving for financial goals, the survey results provide some interesting insights. Both male and female respondents prioritize retirement, indicating the significance of planning for their future security.

However, it is worth noting that a higher percentage of males (35%) focus on retirement compared to females (28%).

This could indicate that males are more concerned about securing their financial well-being beyond their working years.

Another key insight is the substantial number of respondents prioritizing paying off debt. This financial goal holds relevance for both genders, with 33% of males and 44% of females focusing on this objective.

It suggests that individuals from all walks of life are committed to minimizing their financial burdens and achieving a debt-free status.

Interestingly, only a small percentage of respondents, both male (5%) and female (5%), are saving for a vacation. This might indicate that while enjoying leisure time is important, many individuals are currently prioritizing other financial obligations and goals.

Lastly, a slight disparity can be observed in the goal of further education. Both male (14%) and female (14%) respondents place importance on continuing education. This suggests that individuals seek personal growth and development, with a desire to invest in expanding their knowledge and skills.

Explanation and Suggestions:

From the survey results, it is evident that individuals have a multitude of financial goals they are saving for. Retirement, paying off debt, and further education emerge as the most common aspirations amongst respondents.

These goals align with the notion of long-term financial security and personal growth.

Further education is an investment in oneself. Whether it is acquiring advanced degrees or pursuing professional certifications, ongoing learning can open doors to better career prospects and personal growth.

Exploring financial aid options, such as scholarships, employer tuition reimbursement, or installment payment plans, can make continuing education more accessible, allowing individuals to broaden their horizons without compromising financial stability.

Female respondents:

Single status ' versus married status

Single status:

Key Takeaways from Survey Results:

• For single respondents, the top financial goal they are saving for is paying off debt, with 41% of them choosing this option.
• Retirement is also an important financial goal for single respondents, with 27% of them saving for it.
• Among married respondents, 37% are saving to pay off debt, making it their highest priority.
• Retirement is the second most important financial goal among married respondents, with 35% of them saving for it.
• The percentage of respondents saving for a down payment on a house and for further education is consistent among both single and married individuals.

Insights from this part of the survey:

Based on the survey results, it is evident that a significant portion of single and married respondents are prioritizing paying off debt. It indicates a widespread concern about financial obligations and the desire to achieve financial freedom.

The high percentage of respondents saving for retirement suggests a recognition of the importance of long-term financial planning.

Interestingly, the percentage of respondents saving for a down payment on a house and for further education remains consistent across both single and married individuals. This could indicate a shared aspiration for stability and personal growth, regardless of marital status.

Explanation and Suggestions:

The high number of respondents saving for debt repayment reflects the challenges many individuals face in managing their finances. It may also indicate a shift in priorities towards achieving financial stability before pursuing other goals.

Furthermore, the emphasis on saving for retirement among both single and married individuals highlights the importance of long-term financial planning. It is crucial to start saving for retirement early to ensure a comfortable future.

Consider contributing to a retirement account, such as a 401(k) or IRA, and take advantage of any employer matching programs.

While paying off debt and saving for retirement are essential, it is also important to strike a balance between short-term and long-term goals. Setting aside some funds for a vacation or further education can provide a sense of fulfillment and personal growth.

Comparison of Financial Goals (Single versus Married):

Comparing the financial goals of single and married respondents, we can observe that:

• Married respondents have a slightly higher percentage (35%) saving for retirement compared to single respondents (27%).
• Single respondents have a slightly higher percentage (41%) prioritizing debt repayment compared to married respondents (37%).
• The percentages for saving for a down payment on a house, vacation, and further education are similar for both single and married respondents.

Married status:

Employed versus self employed

Employed:

Key Takeaways from Survey Results

• Among employed respondents, the top financial goal they are saving for is paying off debt, with 39% selecting this option.
• Retirement is the second most common financial goal for employed respondents, chosen by 31% of them.
• Among self-employed respondents, paying off debt is the main financial goal with a significantly higher percentage of 47%.
• Both employed and self-employed respondents show a relatively low interest in saving for a down payment on a house, with only 8% and 12% respectively.
• Unemployed respondents also prioritize paying off debt, with 47% selecting this option.

Insights from this part of the survey

These survey results shed light on the financial goals of different demographic groups. It is evident that a substantial number of respondents across all employment statuses are prioritizing debt repayment.

This indicates the prevalence of financial burden and the importance placed on becoming debt-free.

Moreover, retirement is a significant financial goal among employed and self-employed individuals, suggesting a sense of long-term financial planning and securing their future in terms of financial stability.

Interestingly, saving for a down payment on a house does not appear to be a prominent goal for any of the groups surveyed. This may reflect the challenges faced by individuals in achieving homeownership or a shift in priorities towards managing existing debt.

Explanation and suggestions

These results emphasize the importance of addressing debt as a primary financial concern among different employment statuses. Whether employed, self-employed, or unemployed, individuals see debt repayment as a pressing goal in their financial journey.

As retirement is a significant concern for both employed and self-employed respondents, it is essential to start planning and saving for retirement early on. Investing in retirement funds, such as 401(k) or individual retirement accounts (IRAs), can provide long-term financial security.

Seeking professional financial advice on retirement planning can also be beneficial, ensuring individuals make informed decisions regarding their future.

Although saving for a down payment on a house does not appear to be a priority, it is worth considering the advantages of homeownership. Building equity and creating long-term stability should not be overlooked.

Exploring strategies like down payment assistance programs or seeking guidance from real estate professionals can facilitate the journey towards becoming a homeowner.

Self employed:

Has good understanding of finances' versus 'does not have good understanding of finances'

Has good understanding of finances:

Key Takeaways from Survey Results

• Among respondents with a good understanding of finances, 39% are saving for retirement, making it the most common financial goal.
• For those with a good understanding of finances, paying off debt is the second most popular goal, with 32% of respondents focused on this aspect.
• Among respondents lacking a good understanding of finances, 48% are prioritizing paying off debt, indicating the need for financial education in this area.
• Retirement remains a crucial financial goal for both groups, with 20% of respondents lacking financial knowledge still saving for their future.
• Further education is a goal shared by 13% of respondents who have a good understanding of finances and 16% of those who do not. This reflects the importance of ongoing personal growth and development.

Insights from this part of the survey

Among those who possess a good understanding of finances, retirement takes center stage, with 39% actively saving for their golden years. This highlights the awareness and proactive approach of these individuals towards securing their financial future.

The data also indicates a considerable focus on debt repayment, accounting for 32% of respondents' financial goals in this group. This suggests a responsible approach towards managing their financial obligations and achieving greater financial freedom.

However, it is concerning that individuals lacking financial knowledge have a higher percentage (48%) focused on paying off debt. This emphasizes the need for financial education to empower individuals in making informed decisions and prevent debt from becoming a burden.

Explanation and suggestions

The survey results paint a picture of individuals valuing their financial security and taking steps to achieve their goals. Whether it's understanding the intricacies of retirement planning or tackling debt, financial knowledge plays a vital role in guiding these decisions.

Paying off debt remains a focal point for many, demonstrating the desire to regain control over their finances. In addition to making consistent payments, individuals should explore strategies like budgeting, negotiating lower interest rates, or consolidating their debts into a single payment to accelerate their progress.

The higher percentage of respondents lacking financial knowledge focused on debt repayment raises a red flag. To address this, educational initiatives, workshops, and online resources can be provided to enhance financial literacy.

Equipping individuals with the necessary skills and knowledge will help them make better financial decisions and avoid falling into debt traps.

Lastly, the pursuit of further education serves as a long-term investment in personal development. Individuals should take advantage of scholarships, grants, and employer-sponsored programs to minimize the financial burden while expanding their skill set and sociological horizons.

Does not have good understanding of finances:

Has one or more kids' versus 'does not have kids'

Has one or more kids:

Key Takeaways from Survey Results:

• For respondents with one or more kids, the majority of them (51%) are saving to pay off debt.
• 29% of respondents with kids are saving for retirement, indicating the importance of long-term financial planning.
• Among respondents without kids, retirement is still the top financial goal, with 33% prioritizing it.
• Paying off debt is the second most common financial goal for respondents without kids, with 29% focusing on this.
• Further education is a goal for 18% and 9% of respondents without kids and those with kids, respectively.

Insights from this part of the survey:

The survey results highlight the different financial priorities between respondents with kids and those without. It is interesting to note that while the majority of respondents with kids (51%) are striving to pay off debt, only 29% of respondents without kids share this goal.

This suggests that having children may lead to a greater motivation to become debt-free.

Additionally, retirement stands out as a significant financial goal for both groups, with 29% and 33% of respondents with kids and without kids, respectively, saving for their post-work years. These results emphasize the importance of planning and preparing for retirement, regardless of parental status.

Furthermore, it is worth mentioning that further education is a goal for a small portion of the respondents, indicating a desire for personal development and growth among both groups. Whether it is to enhance career prospects or pursue personal interests, investing in education remains an aspiration for a notable percentage of the survey participants.

Explanation and suggestions:

The survey results provide valuable insight into the financial goals and motivations of individuals in different life stages. It is clear that debt plays a significant role in the financial priorities of respondents, especially those with children.

The obligation to support and provide for their kids likely drives parents to focus on paying off debts and ensuring a stable financial foundation.

Retirement savings are also crucial for both groups, underscoring the long-term perspective individuals have towards securing their future. It is encouraging to see that a considerable percentage of respondents are actively saving for retirement, recognizing the importance of planning ahead and building financial security.

Finally, it is crucial to embrace opportunities for personal development and growth. Further education, though a goal for a smaller percentage of respondents, can lead to increased earning potential and personal fulfillment.

Exploring scholarship programs, online courses, or professional certifications may provide avenues for individuals to expand their knowledge and open up new opportunities.

Comparison table: Financial Goals for Respondents with and without Kids

Does not have kids:

The complete survey and the other results

You can find the complete survey results, methodology and limitations here:

Savings rate survey

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