Industry IQ: Personal savings rate posts $215 billion increase

The U.S. personal savings rate rose to 3.3 percent in September, according to the Bureau of Economic Analysis (BEA). The September savings rate marks a slight increase over the August monthly measurement of 2.8 percent and it remained well above the rate from this time last year. In September 2008, consumers saved $140.3 billion, or 1.3 percent. September personal savings were $355.6 billion, posting an increase of $215.3 billion.

Recent data shows that nearly 25 percent of Americans do not feel confident that they have done an ideal job preparing for their retirements. Overall, less than 1 in 4 workers are very confident they will be able to live the kind of life they want in retirement, a compelling indicator that Americans must re-examine their savings strategies if they are to attain a sound financial future.