We recently asked our community on Facebook, through a poll, a simple but important question; how much of your salary do you save?
What we found:
Insight # 1. Most of our community saves a lot.
As you can see from the results, more than 50% of the respondents save 30% or more. This is a very healthy trend. Greater savings could mean better financial prudence.
Insight # 2. One third of the respondents save 10% or less.
While the majority save 30% or more, 30% of our respondents are saving 10% or less. This is not good news. The number of respondents saving poorly is almost the same as those saving well. This indicates that the first basic step on the path to financial security is still not being taken by lot of people.
Insight # 3. Of our female respondents who were roughly 10% of our respondents, 60% saved 20% or more of their salary.
While we had hoped more women would answer our poll, the average savings rate amongst our women respondents remained over 20%.
This poll indicates that while many people are saving well, this is just the first step. What matters is where they are saving and are they growing?
In our next poll we will try and understand the answer to this question.