I’ve posted about Americans’ dismal state of finances before, but this news shocked even me.
Today, Bankrate.com released the results of its June Financial Security Index survey that 24% of Americans — 1 in every 4 Americans — don’t have even a single dollar saved for an emergency.
According to the U.S. Census Bureau, the population of the United States is 325.277 million. 24% of Americans = 78.07 million.
What will these 78 million Americans, who don’t have even $1 in savings, do when their welfare and Social Security checks stop?
Some more Bankrate survey findings:
- As many as 27% of Baby Boomers — those born between 1946 and 1964 who are 53 to 71 years old — don’t have even a dollar in savings.
- Only 31% of Americans — fewer than 1 in every 3 Americans — have what’s considered an adequate savings cushion: enough to cover 6 months’ worth of expenses or more.
Some more financial info. from Catey Hill for Money-ish, June 20, 2017:
- Americans have misplaced money priorities, valuing vacations more than saving for retirement: A study released this week by COUNTRY Financial found that more Americans (36%) are concerned about affording that vacation than having adequate retirement savings (32%), which would explain why more than 50% of Americans will be broke when we retire, according to a survey from GoBankingRates.com.
- Americans have more than $1 trillion in credit card debt: According to data released this year from the Federal Reserve, Americans owe $1.0004 trillion on their credit cards, up 6.2% from a year ago — the highest amount owed since January 2009. But that’s just credit card debt. Americans also owe more than $1 trillion in car debt and student loans.
- 1/4 of Americans can’t pay their monthly bills
- 63% of Americans don’t have $500 in savings for an emergency
- Teamsters private pension near bankruptcy; benefits of 407,000 retirees may be ‘virtually nothing’
- No one works in 1 of 5 U.S. families
H/t Will Shanley