More than half of Americans say they believe they are saving inadequately, according to a survey released Monday by the Consumer Federation of America and Wachovia Corp.

The survey, with responses from 2,000 adult Americans and a margin of error of plus or minus two percentage points, said that 17% of Americans cannot afford to save and 35% say they are not saving enough to meet short- and long-term financial needs.

More than four-fifths of those surveyed said they believe other Americans are not saving adequately; half said, "Very inadequately."

"Saving is not easy," said Kathryn Black, a senior vice president and savings director at Wachovia. "But this survey provides fresh, new insights on the psychology of saving." It found that 42% mentioned credit cards as a barrier to saving. In response to the findings, the CFA and Wachovia plan to start a savings education program during America Saves Week, which is to begin Feb. 24.

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