Research from YouGov shows that Americans are more likely to put a little money aside each month if they are automatically enrolled in a savings plan instead of having to opt into one. All respondents were asked about a hypothetical system in which 4% of their income would be put into savings every paycheck. Half of respondents were asked about a plan in which they were automatically enrolled and would have to opt out of regularly saving money, while the other half were asked about a plan they would have to choose to enroll in. 76% of Americans say that they would regularly save 4% of their paychecks if they were automatically enrolled, while 59% say that they would choose to opt into this plan – a difference of 17%.
Even a small level of saving would make a significant difference for many Americans. 22% of Americans say that they do not have any savings that they can quickly access if they needed the money, while 21% say that their emergency savings are less than $1,000. 26% say that they have savings of between $1,000 and $10,000 and 20% have savings of over $10,000.