The top financial concern for more than half of American households is to save money, according to a report from the LIMRA Secure Retirement Institute. However, debt continues to slow the savings of many American workers, according to the report.
Of the households that said saving more money was a priority, 56 percent said retirement was among their top three reasons for wanting to save more.
But six in 10 workers said paying down non-mortgage debt has negatively affected their ability to save toward their retirement security.
Total U.S. household consumer debt soared to $13 trillion in 2017, according to the Federal Reserve Bank. LIMRA finds 71 percent of American workers currently have non-mortgage debt including car loans, student loans or credit card debt.
Only 31 percent of all workers with non-mortgage debt were saving outside of their workplace. Less than a quarter of millennials said they were doing that (23 percent). On the other end, the majority of workers without non-mortgage debt (69 percent) said they were saving toward retirement outside of their workplace.
Americans are still very concerned about getting their financial house in order. Creating a long-term financial plan, paying down debt and building better spending habits were top concerns for all respondents, according to the report.
Shockingly, American workers are not letting their saving concerns shift their outlook on the future. Half of respondents said they feel financially secure and 60 percent said they were optimistic about their financial future. Furthermore, half of Americans are still confident they will be able to live their desired retirement lifestyle, despite current savings setbacks.