October 10, 2016

Nearly seven out of ten Americans have less than $1000 in their savings account

USA Today - Last month GoBankingRates posed the question to Americans of how much they had in their savings account,... Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.

Breaking the survey data down a bit further, we find that 34% of Americans don't have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.

Furthermore, even though lower-income adults struggle with saving money more than middle- and upper-income folks, no income group did particularly well. Some 29% of adults earning more than $150,000 a year, and 44% making between $100,000 and $149,999, had less than $1,000 in savings. Comparatively, 73% of the lowest income adults (those earnings $24,999 or less annually) had less than $1,000 in their savings account.

1 comment:

Anonymous said...

Let's see, Why might it be so hard to save any money these days?

Wages have been stagnant for a couple decades now,but prices have keep increasing. Check

An education system that favors standardized tests to a meaningful education that prepares young people with skills for good paying jobs. Check

Housing costs far outstripping wages. Check

Banks and insurance companies which use predatory practices to fleece consumers. Check

A medical care system with out of control price increases, high costs, predatory drug companies, and an ethic of illness maintenance instead of healing. Check

Is it any wonder that even "middle class" people who in past decades would have been saving nicely for retirement, can even manage to keep $1000 in the bank for emergencies?