Actual statistic, rather than this bull is:
Overall, Americans have a median of $5,300 and an average of $41,800 in available savings.
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.
“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.
The chasm between median and average speaks to great wealth disparity.
Right. And many of the people with very little money are drug/alcohol addicts or have anger issues or other mental issues that cause them to be out of jobs often. I know others personally who happily subsist on military or other pensions, live in RVs, do a little part-time work, mooch off relatives and love it. They choose that life and don’t think they are suffering, they’re happy. I know some relatives who aren’t happy with them though.