Posted on 10/07/2015 9:08:27 PM PDT by TigerClaws
Americans are living right on the edge — at least when it comes to financial planning.
Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com. “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance analyst for the site. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”
(Excerpt) Read more at marketwatch.com ...
Not to worry - no doubt the Democrats will pass a law to steal it from those who saved prudently and give it to those who did not.
Party on, America! Congress will see to it that there are no consequences.
I’d like to see these figures for people who are actually employed, not the population at large. That’s a better indicator of potential trouble down the road, and a symptom of poor financial planning (as opposed to unfortunate circumstances).
Not to worry-Uncle Sugar will take care of them.
Why the hell would anyone have a savings account at a bank anyhow?
It ties up your money, puts it the hands of people who could confiscate it at any moment, and the majority of savings accounts pay virtually no interest.
I'd like to see actual employment/unemployment figures.
Get someone out of the saddle for a couple of years, getting them back in will take some doing and determination on their part.
and some get by on $40 a day ....that’s gas to get to work , a Subway sandwich for dinner and a couple of cans of RedBull to get thru the shift .
We have one for emergencies, and it's kept separate from our checking account that is used for the monthly cash flow.
Yes, it pays virtually no interest. But, it's not there to earn interest. It's for the hot water heater that has to be replaced, etc.
We have a separate investment account that is diversified among equity and bond funds. But, I don't want to sell those investments because I "have to".
Yup ... we're poor and on the brink of extinction ..
halp us chon carry .. weer stuk
Americans? Citizens? Non-citizens? Green Card Holders?
A $1,000 savings account earns .05% APY. The owner loses 50 cents per year to keep it under their mattress. It wouldn’t pay to drive to the bank to put it there.
Was it Cyprus where they just did that?
Maybe people are smart enough not to save with the bank
Or at least not to giver truthful answers to some stranger asking personal financial questions
And so goes America’s standard of living, down the hole
Just as Obola promised our Fundamental Transformation 7 years ago.
FYI: Most having less than $1000 in savings is saying a lot
Inflation is really 7+%
Wages are comparatively lower than earning thirty years ago
Unemployment is 24+%
There have never been so many people dining out
We spend far more of entertainment than 30+ years ago, ie: cable, internet, smart phone subscriptions, iTune$.
And, back in the day, many people had a Whole Life Insurance policy that they could cash out / draw on in case of emergency.
We’re crappy savers, no doubt, for a number of reasons, but there’s more to the story.
A savings account?
As opposed to parking one’s money in an interest-bearing checking account, a money-market fund, CD’s, or bonds, or investing it in equities.
I’m not sure why this claim is interesting at all, since it makes no distinction between the improvident and the financially sophisticated.
Yeah, I’ve got a couple of savings accounts that came along with checking accounts. They have the minimum $50 or so in them.
A better answer is you are your own banker.
A bank where I have a local account sent out a fine-print message that anyone who had less then $25,000 deposited there would have a monthly fee charged on their savings. How the heck are those without savings ever going to accumulate anything? That amounts to negative interest for a majority of the population!
This does not end well.
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