Richard Parke
Richard Parke
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For Some, Retirement Trumps Down Payment

April 7, 2015 12:54 am

The gradual improvement of the economy has resulted in shifting financial priorities for Americans. In a recent NeighborWorks America financial capability survey, 24 percent of adults reported retirement is their most important savings goal; adults saving for down payments for a home edged down 5 percent, suggesting the housing market is still well on its way to a full recovery.

The survey also pointed to a whopping 72 million people who don’t have an emergency savings fund – a sharp increase from the survey one year ago. Moreover, the percentage of adults saying saving for emergencies is an important financial goal fell to just one percent.

The absence of savings for one-third of adults is particularly worrisome in light of how long it takes the average person who becomes unemployed to find a new job.

Source: NeighborWorks America

Published with permission from RISMedia.

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