Cecily O'Connor
RedwoodAge.com

One third of Americans plan to step up their savings in 2010, with older adults most concerned about funneling that money into education funds for kids and grandkids, a study found.

Paying down debt also is a high priority, with 30 percent of adults resolving to do so in 2010, according the survey by Edward Jones, a financial services firm.

This penchant for penny pinching comes at a time when many Americans are feeling nervous about the strength of the US economy. Chief on the list of worries is the fact that unemployment remains a persistent problem. Although, how big a priority savings becomes often depends on age, geography and household income.

Many financial experts say consumers would have to step up their spending - not savings - before the US economy can fully recover. Two-thirds of the US economy depends on consumer spending.

A solid savings plan is "just one of many ways in reaching your financial goals," said Clif Helbert, a partner in retirement plan marketing at Edward Jones, which surveyed over 1,000 adults.

While the Edward Jones study didn't delve into exact savings rates, a separate report suggests personal reserves will remain a priority for some time. Americans said they plan to save a whopping 15 percent of their total income after the economy improves, according to AlixPartners, a global business advisory firm.

This "new poll suggests that Americans are still very unnerved by the events of this past year," said Fred Crawford, chief executive officer of AlixPartners. "And while, again, we think this very high number probably needs to be taken with a grain of salt, it is nonetheless indicative of the new mood of Americans today."

For the sake of comparison, Americans saved 1.6 percent of their total earnings in 2008 and 1.4 percent annually on average for the prior decade.

Age Matters
No matter the objective, age can play a big factor in how money is allocated toward savings, Edward Jones found. For example, Americans between the ages of 18 and 34 and over the age of 65 are most concerned about increasing savings, while middle-aged adults place a higher priority on paying down debt.

Meanwhile, 16 percent of older Americans are most concerned with funding education accounts for their offspring, and less concerned about paying down debt than younger generations.

In terms of geography, the South had the highest percentage of respondents who chose to increase savings, but the lowest percentage who plan to contribute more money to their retirement plan. And Americans who live in the North central region consider paying down debt a higher priority than putting money into their child's or grandchild's education.

Differences in household income also affected savings rates. Those with a household income of less than $35,000 are more likely to increase their savings than those with an income between $75,000 to $100,000.