A Concerning Number Of Americans Are Behind On Their Retirement Savings

A survey commissioned by Experian plc (ADR) EXPGY, Get Rich Slowly and other personal finance blogs asked Americans if they are on track to comfortably retire.

A recap of survey was posted on Get Rich Slowly and showed a concerning 71 percent of Americans are behind on their retirement savings. Perhaps more concerning, 54 percent of people believe they will never reach a point in their lives where their debts will be fully paid off.

Despite a relatively strong economy, low interest rates and an improving employment rate going on six years, 46 percent of the 1,000 people surveyed have less savings today than they expected they would have five years ago.

Related Link: 4 Reasons You Aren't Escaping The Debt Cycle

Thirty-nine (39) percent of the respondents said they have a hard time finding financial education resources, which is considered vital toward lowering debt and increasing savings.

"While some consumers are on a good path with their finances, others are struggling. The best way to improve your situation is to become more educated about managing money and debt," said Rod Griffin, director of public education at Experian. "That is why resources like personal finance blogs are so beneficial. You can read timely information and real life stories from experts and peers on everything from understanding credit to learning how to invest."

The Positives

The survey wasn't all dark and foreboding, as there were some positives. For instance, 64 percent of respondents fell "very" or "somewhat" confident in their ability to reach their financial goals. In addition, 76 percent of the respondents said they have never paid any credit card late fees over the past year and 53 percent believe their student loans will be paid off on time.

"The survey points to a few very encouraging trends in personal finance. For instance, more than half of the respondents create a monthly budget and 69 percent say they use the budget to control spending," said Toni Husbands of Debt Free Divas. "Managing your personal finances by regularly creating a budget is essential for anyone interested in paying off debt."

Full ratings data available on Benzinga Pro.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!