Americans Saved More In 2024 Yet Over Half Fell Short Of Their Lofty Goals

Americans saved in 2024 that they did the year before but still fell short of their loft savings goals, a recent survey found.

Fewer than half (47%) of the people surveyed by New York Life Insurance said they met or exceeded their savings goals. On average, people hoped to save roughly $8,506 last year but they managed to put away $7,460—surpassing their 2023 savings by more than $1,000.

Millennials, who turned risk averse with their money decisions last year, were among the biggest savers, accumulating more than $12,000 on average while Gen Z saved just $6,164.

Despite this, more than three-fifths of Americans remain confident in their ability to meet their financial goals in the New Year.

Financial Confidence Even As Credit Card Debt Looms

For 2025, some of the top concerns people said they thought would impact their finances were inflation, credit card debt, and a recession.

And it may not be a surprise that credit card debt is on people’s minds. The majority of respondents (67%) said they had some type of debt—credit card debt was the most prevalent, followed by mortgage or home equity debt, and medical debt.

For the 40% of respondents with credit card debt, the average balance clocked in at more than $8,200. Gen X, on average, had the greatest amount of credit card debt, owing more than $10,000.

And although many are working to pay off debt, many still had savings too. Nearly one-half have an emergency fund, with an average of more than $18,000 saved up, up more than $3,000 from roughly $15,000 the end of 2023.