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Rainy-Day Funds Return To Favor

We're holding on to more, for now at least.

We're holding on to more, for now at least.

SANATOGA PA – Almost 2,000 Sanatogans put money away last month, deciding to save it for emergency, retirement, or educational needs rather than spend it, according to estimates by Visa Inc., the international credit card issuer.

Saving for a rainy day topped the list of reasons why more Americans were holding on to their cash, Visa announced last week (Dec. 22, 2008).

In the Philadelphia metropolian area, including Sanatoga village and Lower Pottsgrove (PA) Township, Visa estimated about 25 percent of those responding to surveys it conducted saved something every month. Extrapolated against Sanatoga’s 2007 census population of 7,993, that would mean 1,998 were salting away money for future uses.

Overall, according to Visa, 66 percent of Americans surveyed said they set aside some amount every month for major expenses. That seems to confirm figures from the federal Commerce Department, which show that America’s personal saving rate – as a percentage of disposable personal income – had climbed from 1.0 percent in September to 2.4 percent in October.

“The best New Year’s resolution you can make is to start setting aside money on a regular basis to cover the unexpected,” said Jason Alderman, Visa’s Director of Financial Education.

Philadelphia was only one of 17 regional markets where Visa conducted surveys. Of the others, Los Angeles had the highest estimated savings rate (39 percent of residents saved monthly), and Chicago had the lowest (22 percent).

Photo from Clipart.com

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