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Title: Most Americans have less than $1,000 in savings
Source:
Marketwatch
URL Source: http://www.marketwatch.com/story/mo ... ngs-2015-10-06?link=MW_popular
Published: Oct 7, 2015
Author: Quentin Fottrell
Post Date: 2015-10-07 16:47:24 by Willie Green
Keywords: None
Views: 1844
Comments: 20
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.” This is supported by a similar survey of 1,000 adults carried out earlier this year by personal finance site Bankrate.com, which also found that 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (26%), borrowing from family and/or friends (16%) or using credit cards (12%). And among those who had savings prior to 2008, 57% said they’d used some or all of their savings in the Great Recession, according to a U.S. Federal Reserve survey of over 4,000 adults released last year. Of course, paltry savings-account rates don’t encourage people to save either. Read: Most Americans say their children will be worse off In the latest survey, 29% said they have savings above $1,000 and, of those who do have money in their savings account, the most common balance is $10,000 or more (14%), followed by 5% of adults surveyed who have saved between $5,000 and just shy of $10,000; 10% say they have saved $1,000 to just shy of $5,000. Just 9% of people say they keep only enough money in their savings accounts to meet the minimum balance requirements and avoid fees. But minimum balance requirements can vary widely and be hard to meet for some consumers. They can vary anywhere between $300 a month and $1,500 a month at some major banks. Some age groups are less likely to have savings than others. Some 31% of Generation X — who are roughly aged 35 to 54 for the purpose of this survey — while being older and presumably more experienced with money than their younger cohorts, actually report a savings account balance of zero, which is the highest percentage of all age groups. Around 29% of millennials — aged 18 to 34 — and 28% of baby boomers — aged 55 to 64 — said they have no money in their savings account. Baby boomers (17%) and seniors aged 65 and up (20%) have the most money saved of any age group while less than 10% of millennials and approximately 16% of Generation X have $10,000 or more saved. Poster Comment: The rich get richer and the poor get poorer.And over 20% don’t even have a savings account
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#2. To: Willie Green (#0)
Probably because they have new cars, multiple phones, super big TV, cable, internet, eat out everyday, buy shit just cause everyone else[keep up with jones]. It seems everywhere I go people have brand new everything but have no money to spend on emergency or necessities. Its hard for me to feel sorry for poor financial management. Just because everyone else has one don't mean you have to have one too! I have pulled up to rent houses where the car was worth more than the house and the wheels were more expensive than all the furniture in the house which is being rented from rentacenter. People are poor because they are stupid. Yes there are some that have had a life changing problem. Usually medical but can be divorce.
There's some of that yes. Even Zero called out his own demoncrat liberal followers when they complained they had to actually PAY something for Obamacare. He said "you have a cell phone? Cable TV?...you can afford our rates." Which I will add was the GOP argument when telling people they did not need Obamacare but pay for their own insurance:) So yes, if the point is there are no savings because those things which are necessary cost a lot, then the article has merit. However, if people are given in to consumerism and buy things which cost more than they make or takes all their money, then they dig their own hole.
Don't even get me started on Obummercare. Another get rich scheme for the rich.
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#5. To: Justified (#2)
Probably because they have new cars, multiple phones, super big TV, cable, internet, eat out everyday,
#7. To: redleghunter (#5)
Replies to Comment # 7.
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