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Sixty-nine percent of American adults set a money-related goal<\/a> for the new year \u2014 and 74% of them are confident they’ll be able to achieve it, according to a survey from Motley Fool Money<\/a>.<\/p>\n Unfortunately, many of them might find it difficult to sustain that level of optimism into January and beyond.<\/p>\n When it comes to personal finance<\/a>, U.S. respondents are insecure about how much they know: Only one-third (36%) consider themselves confident in their financial literacy<\/a>, a recent report<\/a> from professional survey software provider Checkbox found.<\/p>\n Related: Are You on Track for a Comfortable Retirement? Here’s How Much Money You Should Save Every Month Depending on Your Age and State.<\/a><\/b><\/p>\n So it’s perhaps not surprising that Americans’ saving habits<\/a> and retirement planning<\/a> aren’t necessarily setting them up for success in their golden years.<\/p>\n Checkbox’s research reveals that 40% of Americans save less than 5% of their income.<\/p>\n According to LendingTree data<\/a>, the average salary in the U.S. in 2023 was $65,470, which means that people could be putting as little as $273 a month toward emergency funds<\/a> or retirement accounts<\/a>.<\/p>\n Seventy-seven percent of Checkbox survey respondents said a high cost of living<\/a> prevented them from saving more, but 10% said they plan to open savings accounts, and 17% felt they’d be able to save more effectively if they had better financial knowledge.<\/p>\n Related: Your Retirement Savings Won’t Last If You Make These 3 Common Mistakes, Financial Advisor Warns<\/a><\/b><\/p>\n Nearly 60% of Americans feel insecure in their retirement plans<\/a>, according to Checkbox’s data.<\/p>\n Over a third of Americans have no retirement plan at all, and of those who do have a retirement strategy, just a quarter began preparing before the age of 25. Almost half (42%) of those are saving for retirement with a “basic 401k<\/a> scheme,” while 24% feel they don’t know enough about their retirement savings options.<\/p>\n “For all ages, it’s important to talk to an advisor who can help create a tailored path specific to your financial goals and set you up for a realistic retirement lifestyle<\/a>,” Stacey Black, lead financial educator at Boeing Employees Credit Union<\/a> (BECU), told Entrepreneur <\/i>in August.<\/p>\n Related: Are You Actually on Track to Retire Well? A Financial Expert Reveals the Critical Milestones to Hit at Every Age \u2014 Plus 3 Common Oversights.<\/a><\/b><\/p>\n According to Black, it’s also important to consider how much you’ll need to save amid rising costs and inflation \u2014 because what seems like a “comfortable nest egg<\/a>” today might not provide enough financial stability in the future.<\/p>\n<\/p><\/div>\n