Posted on 02/10/2024 7:03:50 AM PST by Phoenix8
Nearly half of Americans have $500 or less in their savings accounts, an amount that leaves them vulnerable to unexpected expenses, according to a GOBankingRates survey of 1,063 U.S. adults conducted in November 2023.
About 29% of respondents have between $501 and $5,000 in their savings accounts, while the remaining 21% of Americans have $5,001 or more.
Few hold much cash in their checking accounts as well. Of those surveyed, 60% report having $500 or less in their checking accounts, while only about 12% have $2,001 or more.
The lack of cash in either savings or checking accounts suggests that many Americans are living paycheck to paycheck. This leaves them vulnerable to unexpected expenses, underscoring the importance of having an emergency fund, if they’re able to build one.
(Excerpt) Read more at cnbc.com ...
Amazes and perplexes me how the average low info voter (as Rush said) can’t do simple searches and check these things out. Truly sheeple they want the MSM to tell them what to think.
The lack of cash in either savings or checking accounts suggests......................
Savings accounts didn’t make much sense when they yielded 1% and inflation was 9%. With yields around 5% at banks chasing deposits, they make a little bit more sense now.
Actual statistic, rather than this bull is:
Overall, Americans have a median of $5,300 and an average of $41,800 in available savings.
I can’t imagine how people do it with 500 dollars in savings. Heck, my HVAC was 8500. And the roof…..grrrr. It must be so difficult coming up with big purchases. I’d imagine day to day is ok with 500 bucks. But there is always some crazy expense with a house. Always unexpected as well or at least was hoping a few more years before replacement.
Congress knows this. Who do they think is going to pay the growing 34 T debt? Won’t be the American people
Period.
And yet the Briben Regime is handing out cash to millions of illegal aliens and sending $billions to the Ukraine money laundry with the help of assistant democRATS in congress.
Americans for the most part are financially ignorant. They not only don’t know the fundamentals of money, they don’t know what they don’t know.
The basic on financial matters should be taught in the home and failing that in schools. I would think the freshman year in High Schools should have one class on Home Economics (not cooking but money).
and now they are taking via inflation. It is just a horrible time.
At least they don’t have to put up with any mean tweets coming out of the White House by an orange bad man. Fair trade off if you ask me.
Saving is a habit. Decades ago, when I went into business for myself I managed to save up 6 months expenses. I never touched it except to add a little as expenses increased. I opened a second one for repairs. Just putting in $10 here and there and now I’m covered for unexpected household costs like replacing an appliance or helping cover most of the cost of a roof.
You just have to think of savings as a one way proposition. You would be surprised at how much you can save if you stop thinking you have to put away large amounts.
The “average” is this case might not be as indicative as the “mode”. Many wealthy Americans have hundreds of thousands of dollars available in checking, savings, and money market accounts, not to mention their IRA’s and real estate equity that they can borrow from.
What this article is merely stating is that a more frequent occurrence is available cash less than $500.
The “mode” is the most frequently occurring item in the total list. The wealth of the upper 5% or so pulls that “average” number much higher.
Inflation has destroyed the purchasing power of the dollar. If you had 100 dollar bill in 1970 and stuck it in a book and forgot about it, and found it today, You would need $1000 to buy the same amount of goods as in 1970.
I watched an old movie last night. Divorce, American Style(1967) in which Dick Van Dyke goes into a MacDonalds and buys a double meat cheesburger, fries and a coke. Total cost in 1967...57 cents.
“Overall, Americans have a median of $5,300 and an average of $41,800 in available savings.”
That means that a low percentage of Americans have a bunch of money with the average amount being that high and with a median that low.
Well THAT will be gone soon. Biden will take it to pay off his new best friends ILLEGALS in exchange for voting for him AT LEAST 5 times each. After all his poll says he has 23% support he needs MANY new voters running in daily mail-in ballots to catch up to Trump. Stuff the boxes should be his new slogan.
you are right on with the mode also... stats are often twisted to show what is wanted.
What’s aggravating is for many of those with less than $500 cash always seem to have money for cigarettes, alcohol, and dope.
Yep! Why keep anything more than $500-$1000 in a low-yield savings account?
Other people’s irresponsibility, in their monetary choices or even the way they vote is not my problem, but I’m sure given enough time the government will make it my problem
The dirty little secret is that the high taxes on cigarettes and alcohol crush poorer people.
They can justify it any way that want—but that is the rich stealing from the poor—right in front of our eyes.
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