The average American considers $19.800 a “life changing” amount of money, according to a new study.
Over half of Americans participating in this study say they would put the money directly into savings. 30% would start a business, 27% would put it into their retirement account, and 31% would pay credit card debt. One-third of millennials said they would pay medical bills with the money.
One Poll conducted a survey on behalf of Self Lender and found that 56% of Americans have between zero and six months worth of savings. Only one in four have savings that reach the six-month mark. Over half of Americans have difficulty sticking to their savings plan. One-third are uncomfortable with their financial situation.
46% of American women do not believe their financial situation will improve significantly within the next five years. 38% are uncomfortable with their current level of financial health.
Respondents to the survey indicated that 21% of their earnings go directly to savings or are not immediately spent on necessities. More than half of millennials put one-fifth of their earnings toward debt payments and half of them live paycheck-to-paycheck. 64% of millennials believe they will increase their financial independence within the next five years.