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:
- In the survey, respondents were asked about the percentage of their monthly income that they save.
- Out of all the respondents, 47% stated that they save over 40% of their monthly income.
- 21% of the respondents mentioned that they save between 21-30% of their income.
- Only 5% of the respondents save between 31-40% of their monthly income.
- A smaller percentage, 14%, indicated that they save between 11-20% of their income.
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.
Age analysis
Ages from 25 to 34:
Key Takeaways from Survey Results
- The majority of respondents across all age groups save over 40% of their monthly income.
- The percentage of people saving decreases as age increases.
- Among ages 25 to 34, 56% of respondents save over 40% of their income, followed by ages 61 to 70 with 50%.
- No respondents from ages 31 to 40 save between 0-10% or over 40% of their income.
- Not applicable responses were consistently 0% across all age groups.
Insights from this part of the survey
These survey results shed light on the saving habits of individuals across different age groups. It is intriguing to see that the percentage of people saving decreases as age increases.
Among the youngest age group, 25 to 34, a staggering 56% save over 40% of their monthly income. This suggests that individuals in this age range are more focused on building their savings and securing their financial future.
Surprisingly, respondents aged 61 to 70 showed a similar trend, with 50% saving over 40% of their income. This might indicate that individuals in this age group are still actively saving for retirement or other long-term goals, despite nearing the end of their working years.
On the other hand, the age group of 31 to 40 stood out as the only group with no respondents saving in the extreme ends of the scale (0-10% or over 40% of their income). This implies that people in this age range may have different financial priorities or face unique challenges that impact their savings habits.
Explanation and suggestions
Based on the survey results, it is evident that individuals prioritize savings differently at various stages of their lives. The high percentage of respondents saving over 40% of their income in the youngest and oldest age groups suggests a strong inclination towards long-term financial security.
For those in the 25 to 34 age range, it is encouraging to see such a significant number saving a large portion of their income. This suggests that they are aware of the importance of saving early and are likely setting themselves up for a more stable financial future.
It might be beneficial for other age groups to learn from their habits and consider increasing their savings rate if possible.
For the age group of 31 to 40, it is essential to understand the reasons behind the lack of extreme saving percentages. It could be due to a variety of factors such as higher expenses, financial commitments, or short-term financial goals.
Exploring strategies to balance their financial priorities and find avenues for increased savings could be beneficial for individuals in this age group.
Male versus female
Male respondents:
Key Takeaways from Survey Results
- Over 40% of males save more than 40% of their monthly income.
- Approximately 49% of male respondents save more than 40% of their monthly income.
- The majority of females (46%) save over 40% of their monthly income.
- Females tend to save a higher percentage of their income compared to males.
- A significant portion of respondents (26%) save between 21-30% of their income.
Insights from this part of the survey
Based on the survey results, it is clear that both males and females have varying savings rates as a percentage of their monthly income.
For males, the highest percentage of respondents falls under the category of saving over 40% of their income, with a notable 49% of male respondents falling into this category. On the other hand, only a small percentage (2%) of males save between 31-40% of their monthly income.
For females, the highest percentage of respondents also falls under the category of saving over 40% of their income, with a substantial 46% falling into this category. Similar to males, only a small percentage (7%) of females save between 31-40% of their monthly income.
Explanation and Suggestions
The survey findings shed light on the different saving habits among respondents and highlight the importance of savings rates in personal finance. Saving a portion of one's income is crucial for financial stability and future planning.
For those who fall under the category of saving over 40% of their monthly income, it is commendable as it demonstrates discipline and a strong commitment to saving. These individuals are well-prepared for unexpected expenses and are likely to have a solid financial foundation.
On the other hand, for those who save a lower percentage of their income, there might be room for improvement. It is essential to prioritize saving and consider ways to increase the savings rate gradually.
Small changes, such as reducing unnecessary expenses or setting up automatic transfers to a savings account, can make a significant difference over time.
Furthermore, the survey results indicate that females tend to save a higher percentage of their income compared to males. This may be attributed to various factors such as differences in income levels, spending habits, or financial priorities.
However, it is important for everyone, regardless of gender, to aim for a higher savings rate to secure their financial future.
Comparison Table: Savings Rate by Gender
| 0-10% | 11-20% | 21-30% | 31-40% | Over 40% | Not applicable | |
|---|---|---|---|---|---|---|
| Male | 4 (9%) | 6 (14%) | 11 (26%) | 1 (2%) | 21 (49%) | 0 (0%) |
| Female | 9 (16%) | 8 (14%) | 10 (18%) | 4 (7%) | 26 (46%) | 0 (0%) |
The table above provides a direct comparison of the savings rates between males and females. It highlights the distribution of respondents across different savings rate categories for each gender.
From the table, it can be observed that a relatively higher percentage of females fall under the 'Over 40%' category compared to males. This indicates a higher tendency among females to save a larger proportion of their income.
However, for both genders, the majority of respondents fall under the '21-30%' savings rate category.
Female respondents:
Single status ' versus married status
Single status:
Key Takeaways from Survey Results:
- The majority of single respondents save over 40% of their monthly income (45%).
- For married respondents, almost half save over 40% (49%).
- Both single and married individuals have a significant number (14% and 27% respectively) saving between 21-30%.
- A small percentage of single respondents (6%) save between 31-40%.
- Only a few married respondents (4%) save between 31-40%.
Insights from this part of the survey:
The survey results indicate that a considerable number of single and married respondents have a higher savings rate of over 40%. This suggests that these individuals are financially disciplined and prioritize saving a significant portion of their monthly income.
Furthermore, the data shows a notable number of both single and married individuals saving between 21-30%. This suggests that these respondents are still focused on building their savings but may not have the capacity or financial flexibility to save a larger percentage of their income.
In contrast, the percentage of respondents saving between 0-10% is relatively low across both single (14%) and married (12%) individuals. This implies that most respondents understand the importance of saving and allocate at least a small percentage of their income towards savings.
Explanation and Suggestions:
The survey findings highlight the importance of cultivating good savings habits, regardless of one's marital status. Having a consistent savings rate is essential for financial stability and future planning.
For those who fall into the category of saving over 40% of their income, congratulations! Your dedication to saving is commendable and puts you in a strong position to achieve your financial goals.
As for individuals saving between 21-30%, it's essential to continue striving for higher savings rates as you progress in your career and financial stability improves. Look for opportunities to increase your income or identify areas where you can cut unnecessary expenses to save even more.
If you find yourself in the lower range of 0-10% savings, don't be discouraged. Start by setting achievable goals and gradually increasing your savings rate. Consider creating a budget, tracking your expenses, and identifying areas where you can reduce spending.
Remember, even a small increase in your savings rate can make a significant difference in the long run. Prioritize saving and make it a habit to put aside a certain percentage of your income every month.
Over time, these consistent efforts will help build a solid financial foundation and provide peace of mind.
Married status:
Employed versus self employed
Employed:
Key Takeaways from Survey Results
- The majority of respondents, 47% in total, save over 40% of their monthly income, regardless of employment status.
- Self-employed individuals have the highest percentage of respondents, with 44%, who save over 40% of their monthly income.
- Unemployed individuals also show a significant percentage of 44% who save over 40% of their monthly income.
- Among employed respondents, 21% save between 21-30% of their monthly income.
- There are no respondents who believe saving is not applicable to them.
Insights from this part of the survey
The survey results reveal that a considerable proportion of respondents have a high savings rate, especially those who are self-employed or unemployed. It is intriguing to observe that regardless of employment status, a significant number of individuals save over 40% of their monthly income.
This indicates a strong inclination towards financial responsibility and a commitment to securing a stable future.
Additionally, the results show that among employed individuals, the highest percentage of respondents, 21%, save between 21-30% of their monthly income. While this group does not show the highest savings rate compared to other segments, it still illustrates a considerable effort towards ensuring financial stability.
Explanation and suggestions
It is impressive to see such a positive trend in savings rates among the surveyed individuals. Saving a significant portion of one's income, especially over 40%, demonstrates a strong financial consciousness and a desire for long-term security.
For those who are self-employed, their ability to save at such a high rate might be reflective of the irregular nature of their income. It is likely that they prioritize building a safety net to sustain themselves during lean periods or to invest in business expansion.
Their disciplined saving habits can serve as an inspiration to others, highlighting the importance of planning for future financial uncertainties.
Notably, the unemployed respondents also exhibit a remarkable savings rate. This suggests that even during challenging times, individuals understand the value of saving and prioritize financial stability.
Such a mindset can assist in minimizing financial strains during periods of unemployment and provide a cushion to cover expenses until new opportunities arise.
For those employed individuals saving between 21-30% of their income, it represents a conscious effort to secure their financial future. While the percentage may not be as high as in other categories, it still demonstrates a commendable commitment to budgeting and saving.
This group can further enhance their savings rate by assessing expenses and trimming unnecessary costs, ultimately increasing their financial resilience.
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
- More than half of the respondents who have a good understanding of finances save over 40% of their monthly income.
- A significant portion of respondents who do not have a good understanding of finances save between 21% and 30% of their monthly income.
- Both groups have a similar percentage (7%) of respondents who save between 0 to 10% of their monthly income.
- Among the respondents with good financial understanding, 18% save between 11% and 20% of their monthly income.
- For those with a limited understanding of finances, 36% save over 40% of their monthly income.
Insights from this part of the survey
The survey results indicate that a majority of respondents who have a good understanding of finances prioritize saving and manage to put away over 40% of their monthly income. This suggests a strong financial consciousness and an ability to make informed decisions regarding their finances.
On the other hand, respondents who do not have a good understanding of finances still demonstrate some level of financial responsibility with 32% saving between 21% and 30% of their monthly income. However, the percentage of these respondents who save over 40% (36%) is higher than those who have a good understanding of finances.
Explanation and suggestions
The findings from the survey highlight the importance of financial literacy in determining saving habits. Those with a good understanding of finances are more likely to prioritize saving and allocate a significant portion of their income towards it.
For individuals who do not have a strong grasp of financial concepts, it is crucial to improve their understanding to make informed decisions about saving. This can be achieved through various means such as attending financial education workshops or seeking guidance from financial advisors.
An interesting comparison can be made by presenting the savings rate of respondents with good financial understanding versus those without it in a table. Let's compare the percentages:
| Understanding of Finances | 0-10% | 11-20% | 21-30% | 31-40% | Over 40% |
|---|---|---|---|---|---|
| Good | 4 (7%) | 10 (18%) | 7 (13%) | 4 (7%) | 31 (55%) |
| Limited | 9 (20%) | 4 (9%) | 14 (32%) | 1 (2%) | 16 (36%) |
As seen in the table, among respondents with a good understanding of finances, a significantly higher percentage save over 40% compared to those with limited financial understanding. This underscores the importance of financial knowledge in fostering a stronger saving habit.
Improving financial literacy can lead to more informed financial decision-making, resulting in increased savings and better long-term financial security. Encouraging financial education and promoting budgeting and saving strategies can greatly benefit individuals in managing their finances effectively.
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
- Respondents with kids have a higher savings rate compared to those without kids.
- A significant number of respondents save over 40% of their monthly income.
- A higher percentage of respondents without kids save between 21-30% of their income.
- The majority of respondents, regardless of having kids, save more than 10% of their monthly income.
- No respondents indicated that saving is not applicable to them.
Insights from this part of the survey
The survey results reveal interesting insights about the savings rate of respondents based on whether they have kids or not. It seems that having children plays a role in motivating individuals to save more.
Among respondents with kids, a significant 49% save over 40% of their monthly income.
This suggests that the financial responsibilities associated with raising children may encourage parents to prioritize saving as a way to secure their future.
On the other hand, respondents without kids show a slightly different pattern. While the percentage of those saving over 40% remains high at 45%, a higher proportion of them (24%) save between 21-30% of their income.
This could be attributed to the absence of additional financial obligations related to childcare and education expenses, allowing them to allocate a relatively higher percentage toward savings.
Explanation and Suggestions
Given the survey results, it is encouraging to see that the majority of respondents, irrespective of having children, are actively saving a significant portion of their income. However, there are still some valuable insights that can be derived from these figures.
For those with kids, it is commendable that almost half of them save more than 40% of their monthly income. This reflects a level of financial prudence and dedication to securing their family's future.
However, please consider striking a balance between saving and other financial goals, such as investing or paying off debt.
While saving is crucial, exploring other avenues to grow wealth or reduce financial burdens is equally vital.
For respondents without kids who fall into the 21-30% savings range, it is clear that they have prioritized setting aside a substantial portion of their income. Nonetheless, it may be worth considering whether increasing the savings rate or exploring investment opportunities could optimize their financial well-being further.
Does not have kids:
The complete survey and the other results
You can find the complete survey results, methodology and limitations here:
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