It's a smart saver's summer, according to Vanguard's new consumer survey, which found that 71% of Americans plan to shift their savings approach this summer to prioritize emergency savings and flexibility. But despite these intentions, Americans see obstacles to saving, citing time (28%), feeling like they don't have enough money to save (28%) and not knowing where to start (24%) as the top reasons for not making a change.

"There is a clear desire to save, but plans don't always translate to action since many consider creating a savings strategy to be daunting," said Matt Benchener, Managing Director of Vanguard's Personal Investor business. "Saving is essential to overall financial well-being, so it's crucial to tackle the actual and perceived barriers to saving. One way to do this is to save with intention by leveraging a high-yielding savings vehicle, like Vanguard's Cash Plus Account¹, which allows Americans to earn more than eight times the average interest of a traditional bank savings account."

According to the survey, Americans feel weary about their spending and savings habits this summer.

• 67% are uncertain about their ability to stick to a savings plan due to market volatility.

• 63% expect to overspend this summer on basic life expenses (i.e., groceries and utility bills) or unexpected costs (i.e., medical expenses and home repairs).

• 64% do not completely understand how interest rates impact the money they save.

Despite these fears, nearly half of those surveyed keep savings in traditional bank savings accounts, which on average yield only .42%¹, according to the FDIC.

"It's hard to make a change, but it's important to start somewhere," said Kate Byrne, Head of Vanguard Cash Plus Distribution. "There is no minimum amount needed to begin saving, so you should make sure that for every dollar saved, you are earning the returns you deserve by leveraging a high-yielding savings vehicle."                     

Vanguard's Cash Plus Account is currently yielding 3.65% APY, more than eight times a traditional bank savings account¹. In addition to a better yield, Cash Plus offers FDIC coverage², easy access to account and routing numbers for bill pay and direct deposit, connectivity to payment apps like PayPal and Venmo, and no minimum balance requirements. Along with Cash Plus, Vanguard also offers a full suite of liquidity solutions including money market and ultra-short-term bond funds. For more information on Cash Plus, visit vanguard.com/cashplus.