By Kathleen Kingsbury

NEW YORK (Reuters) - Whether for a rainy day fund or retirement, the number of people able to make ends meet and still set aside money for the future is declining, according to new survey results released today.

Stagnant wages, a depressed housing market, and rising basic expenses top the list of potential reasons why.

"We're seeing some hopeful economic signs, but in downturns, households are often the last sector of the economy to experience growth in favorable indexes," said Stephen Brobeck, executive director of the Consumer Federation of America (CFA), at a news conference on Friday. "Incomes and home equity have yet to recover."

In its fifth annual survey, the America Saves campaign, a joint effort of the CFA and the American Savings Education Council, asked 1,007 U.S. adults about their saving habits. Contacted in February, 66 percent reported that, over the past year, they'd spent less than their income and saved the difference. This represents a 7 percent drop from 2010.

The America Saves findings were released at the kick-off to the annual America Saves week, a collaboration of nearly 1,000 organizations. The campaign encourages families to assess their current financial situation, set savings goals and take action to save more, usually by setting up automatic savings mechanisms such as payroll deductions.

But it's a steep road ahead. The survey showed only 42 percent had developed specific savings goals and more than half of those not yet retired thought they were building a large enough nest egg to maintain their standard of living. Not surprisingly, those struggling the most are households making less than $25,000 - which was about a quarter of families.

On a positive note, two-thirds said they'd set aside adequate funds for unexpected expenses such as a health emergency or car repair. Four-fifths were debt-free or were working to reduce their debt load.

The America Saves findings are the latest in a string of reports indicating saving has slowed down in the United States. In September, the Commerce Department said the nation's savings rate had dropped for three consecutive months to 3.6 percent of personal disposable income, the lowest level since the recession began. The fourth quarter of 2011 saw a 29 percent drop in savings over the previous year.

Nonetheless, there have been signs the recession has fundamentally shifted American financial priorities. Nearly half of U.S. adults aged 18 and older surveyed by the National Endowment for Financial Education (NEFE) this fall said having enough money for retirement was their top financial goal, while only 17 percent said buying a home was their top priority.

"People grasp the importance of planning for the future and seem to be shifting their approach-from physical to more financial security-based values," said, Ted Beck, president and CEO of NEFE, said in a statement, in reference to the decline in interest in saving to buy a house.

Yet 70 percent of those surveyed said the biggest obstacle to achieving this was their inability to save. The 2011 Retirement Confidence Survey alarmingly found that 56 percent of those polled had saved less than $25,000 for retirement.

WHAT'S HOLDING PEOPLE BACK

Historically the U.S. savings rate has fluctuated according to the business cycle. In an economic downturn, Americans tend to save more; they save less when times are flusher.

Following that pattern, one of more optimistic hypotheses for why the savings rate is falling is more confidence in today's economy. Scott Hoyt, an economist at Moody's Analytics, suggested consumers may feel sure enough about where the economy is going to start spending again.

"During the retrenchment, a lot of pent-up demand built up," Hoyt said. "Now that consumers aren't as worried about losing their job or the prospects of finding a new one are better, they're willing to buy new appliances or replace their older cars."

More consumer spending is good news for the near-term economic outlook, particularly in an unsteady recovery. Then again, not saving now means consumers could have less to spend down the road.

Less sanguine is the viewpoint that Americans are saving less because of weak or stagnant wage growth. That is, workers can't set money aside because their full earnings are going to cover everyday expenses, such as rent, gas and groceries.

Real wages fell about 2 percent in 2011, the Bureau of Labor Statistics reported in late January. Consumer prices rose modestly in January on higher costs for food, gas, clothing and rent, according to data released Friday.

"While hiring has picked up in recent months," said Mark Vitner, senior economist at Wells Fargo Securities, "the quality of jobs being added is still heavily weighted toward lower paying jobs, many of which are also only part-time."

Vitner noted that two-fifths of jobs created over the past year have been in retail, leisure and hospitality, home health care or temporary staffing. "The average wages earned in these industries are just a little above the minimum wage," he said. In other words, take-home pay is struggling to keep pace with inflation.

Still, few believe the savings rate will drop to or below the 3.1 percent it averaged in the decade before the downturn. "The recession was a wake-up call for most consumers and especially baby boomers," Hoyt said. "They aren't going back to their old ways anytime soon."

(Editing by Andrew Hay)