Consumer research snapshot: Consumers are spending more than saving

U.S. consumers are lacking crucial savings needed for managing short-term emergencies and building long-term wealth, according to Statista. More than a quarter of Americans (27%) had some savings below $1,000, and 12% of consumers had no savings as of May 2023, according to a survey among U.S. adults by YouGov.

Other consumer stats on savings include:

• 18% said their savings were at least $1000 but under $10,000.
• 11% had $10,000 to $49,999.
• 11% achieved $50,000 or more saved up.

YouGov data suggests women are more likely than men to have less money in their savings accounts. Almost a tenth of American men (8%) have less than $100 in savings, while this figure nearly doubles (15%) among women. A significant gender gap occurred among those with $100,000 or more in savings. Almost one in ten men have $100,000 or more in savings, but the figure falls by four percentage points for women (9% men vs. 5% women), according to YouGov. Women's wages are lower on average than men's due to less pay for the same work, more work in low-paying or part-time positions and due to the so-called “motherhood penalty" — the missed wage increases and promotions women experience because they take more time off for child rearing, according to New York Life’s Wealth Watch survey. Women in the U.S. have higher student loan debt on average, also affecting savings negatively, the survey found.

U.S. consumers who are married are most likely to say they have savings, with 10% of them having put away $100,000 or more, compared to just 6% of widowed, 4% of partnered and 3% of single Americans, according to YouGov.

Moving forward, 12% of those who have no savings expect their financial situation to worsen, 10% believe things will remain the same and 8% hold an optimistic outlook in the upcoming year.