Americans are saving more, but is it enough?

How America saves
How America saves   

A new survey shows that most Americans may not know their net worth or have a spending plan to help them meet their savings goals, but at least the majority of people in this country are putting some money away. About 52 percent of Americans say they are able to save at least 5 percent of their income, and the percentage who are doing so has increased in the past year, according to the annual America Saves Week survey.

America Saves, a consortium of about 1,700 organizations that is managed by the Consumer Federation of America, American Savings Education Council and Employee Benefits Research Institute, finds consumers are making progress in other areas as well. More than three-quarters of Americans say they have no consumer debt or are reducing it and two out of three said they have "sufficient emergency savings to pay for unexpected expenses like car repairs or a doctor's visit."

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But are consumers telling the truth?

Another report out Monday shows the emergency savings cushion pales in comparison to credit card debt in many Americans' household budgets.

About one in four consumers have more credit card debt that emergency savings, according to a monthly survey from Bankrate.com. Another 13 percent don't have credit card debt or emergency savings, leaving them teetering on the brink of financial disaster.

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Still there is some good news here. More than half of consumers—58 percent—have more emergency savings than credit card debt, according to the Bankrate report, and they're feeling more financially secure than they have in a while. Americans are less pessimistic about their job security, net worth and overall financial situation than they have been in four years, when this survey began.