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President Obama recently announced a new initiative that will make it easier for Americans to save for retirement. This is an important step. The stock of personal U.S. savings took a big hit in the midst of the financial crisis, and many families have been left scrambling to make ends meet. Before the crisis, the saving rate had been hovering around zero. Depending on which definition is used, anywhere from a quarter to just over a third of Americans are asset poor. The importance of having savings cannot be overplayed. Having savings guarantees security after retirement and can provide a buffer against shocks. A recent survey, conducted by the market research firm TNS, revealed that almost half of Americans doubt that they could come up with $2,000 in 30 days-whether from savings, borrowing, friends, or family-to meet an unexpected financial need. But the good news is that American families seem to have recovered an appreciation for saving and this new initiative will help people continue to save.
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