Shocking: 24% Americans don’t have even one dollar in emergency savings

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 olddon’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.

See also:

H/t Will Shanley

~Eowyn

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16 responses to “Shocking: 24% Americans don’t have even one dollar in emergency savings

  1. The people without visible savings accounts probably have large accounts in far off lands or in assets uncle sap cannot see or count. How does one explain the many welfare queens or Congressmen owning mutliple homes worth tens of millions?

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  2. The two main reasons for the millennials not having some sort of savings are: 1) they were not taught economics in school. 2) They party with their money as if there is no tomorrow. The two reasons baby boomers don’t have any savings is: 1) they are stupid for not planning ahead. 2) They have lazy millennial children still living at home, eating their food, using their utilities and NOT paying mom and dad any rent or giving money towards their own upkeep. I urged both of my children to get a good education, get out on their own and make a life for themselves. I also urged them to start savings, including IRA’s, so they would have something when they got old. Both did great jobs of both. You don’t eat out all the time, you buy used cars, you don’t buy every new electronic toy that comes out, you eat a lot of beans and chicken until you have a good nest egg and then you never touch it!

    Liked by 3 people

    • David . . . . That is very wise council for anyone just getting started. How sad that far too many people just feel that the government will be there to take care of them in their time of need.

      Liked by 3 people

    • I’m sorry, but I have to disagree: When this many people have this problem, it is by DESIGN. Haven’t eight years of Bush and another eight of Obama taught you anything at all? I guess the middle class just went out and gambled away their houses and their life’s savings on a whim? People went to their bosses and begged them to ship their jobs overseas?
      As for buying a used car, it is the worst move for many: You can’t get good theft and collision on one for long.
      We’re living under an Anti-Christ system and you blame these people? So why did people vote for Trump???

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      • Thanks Steven for defending SOME of us. It took us years within the economy my husband & I came to the workplace/established our family in to save $12,000 in a savings acct. & another $8,000 over half a lifetime of working/buying US savings bonds systematically through paycheck deductions.. We bought & sold family homes as we moved around for jobs, and NEVER profited from one to the next…it was always like starting over again—such was our “baby-boomer” economy with THAT. We paid for our own BS degrees and higher educations and for our 2 kids’ educations, raised a foster child and helped her with her college degree. We haven’t had a vacation in over 25 years. We drive 10+ year-old cars b/c they are paid for. We don’t eat out,and we pack our lunches, and our “luxuries” are that we adopt old shelter dogs and young litters of cats and take care of them medically/emotionally and excellently (and are paid back in kind with more love than you can imagine). Oh, and we put up an above-ground pool that my neighbor’s big pine tree fell on and collapsed. The insurance said that it was now my tree since it was in my yard since I’d not given the neighbor notice in writing that her tree was a hazard to my property. This is a WHOLE ‘nother story. I digress. In the space of 2 Obama years, we were audited/ assessed/ fined mysteriously exactly $12,000 by the Feds…(after participating in anti-Obama events, including turning back busloads of illegals Obama tried to deposit in our small town). It was a “mail audit” through the Cincinnati office during the IRS scandal and when we finally reached a real PERSON by phone to ask some questions, the low-level IRS phone-sitter patronizingly aped to us the Obama mantra, “You have to pay your fair share.” All that done. Haven’t heard from them since, Thank GOD. Then, in the following year, the failing CA gov’t audited us and determined that they needed more taxes from SEVEN years beforehand..( who wouldn’t NEED more money with half the population & the businesses moving to Texas?? What can you do? Go back in time and “FIND” more money!!) .which was mysteriously, exactly the $8,000 we had in a lifetime of savings bonds. Insult to injury…the year after that…I had to pay $400 MORE dollars to the Feds for cashing in my Federal Savings bonds. Haven’t bought a bond since and never will. So, now I live like so many Americans…paycheck to paycheck–which we always did–but formerly with at least a set savings schedule. I didn’t gamble it away, or spend it on a vacation, an elaborate wedding or anniversary, a shopping spree or updating my ratty carpeting or outdated kitchen….didn’t make a bad investment, didn’t even get my hair or nails “done”….I didn’t take any risks—other than, as I see it, exercise my “freedom” of speech politically. Along the way, I paid in the neighborhood of $20,000 for it, and I see this as a bargain price, and would do it all over again. I also have a “secret” sum that I won’t touch until I retire…but it’s not really something I could use right now, not even in an emergency. So, I’m one of those miserable, “irresponsible” miscreants who lives paycheck to paycheck for now.

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  3. Reblogged this on kommonsentsjane and commented:

    Reblogged on kommonsentsjane/blogkommonsents.

    For your information.

    kommonsentsjane

    Liked by 2 people

  4. Sad for the country and sadder for those without savings. Good grief, at least start a coin jar, it adds up.
    As our children started graduating from high school. We told them, you want to live here, eat our food, and have clean laundry, you will pay your fair share. And they did. Sometimes tough love was needed, but they are all responsible adults now.
    A few years back our oldest grandson was having some problems and his mother wanted me to speak with him. I wrote him a long letter explaining, no one but himself is responsible for him. No will will take his blame and no one should be expected to support him. That if he never did anything for himself but one thing….put a part of every paycheck away. Then down the road, something special comes along, you are prepared. He took it to heart and his mother says he is rabid about saving and is doing great with his job.
    His younger brother had the whole family in hysterical fits of laughter when he came home from his first job last month and was looking at his paycheck with the most serious look and state,” I don’t think they gave me my whole check,” having figured down to the penny what the amount should have been. His parents explained to him about everyone has to pay taxes and again. He asked, ” well, do they do this with every check or just the first one?” This is how our children are being prepared in high school.
    Be very afraid.

    Liked by 1 person

    • A young friend at work showed me his brand new ecig thingy, and I said didn’t you show me a new one last month? He said yeah but it broke. I said how much did this one cost? He said $128. He also has a 50 inch flatscreen he keeps in his bedroom for game playing, doesn’t share it with his family who he lives with, and he pays the rentall place $80 a week for it. This kid has to bum rides to and from work, even from the boss. He could have a nice used car easily if he just put his mind and money to it. He’s not long out of high school so it follows the mold of brain dead high school kids, however I know kids who graduated and are off to college and are very smart with their money. So not all kids are jacked up, just some.

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  5. Hadenoughalready

    The facts are true; I personally know many. Most don’t have enough to get by week by week let alone a month’s worth of savings for an emergency.

    Over the decades, folks have been taught not to worry. “Borrow” your way out of your problems. Keep up with the Jones’ and buy all the toys you want – for a small monthly payment of $?.??.

    Sadly, many fell for this trap and are now so deeply in debt they could never work and pay their way out. That’s why bankruptcies are so prevalent. Some can’t even afford their meds, let alone utilities or heating fuel. For some, the proud ones that won’t accept Food Stamps, and I know a few of those, too, food comes last.

    Credit cards are another way of trapping folks into debt. “Don’t worry – you’re pre-approved”. For what? To become a slave to the banks? NUTS!

    And it’s bad enough that folks don’t have the following month’s payments in reserve but to not have any supplies set aside in case a storm or some other natural disaster hits is appalling.

    Folks should really pay attention to what happened just a year or so ago when the EBT cards wouldn’t work and Walmart, for one, got robbed by hundreds of shoppers, who’s cards were declined, just walked out, carriages full. Talk about mayhem. And that was just a “glitch”. Can you imagine a full-fledged shut-down of our grid? The chaos would be akin to what’s going on in Venezuela. No food, no water, and folks in a frenzy killing people’s pets for a morsel of food.

    None of what I’ve said is hyperbole. Nor is it fantasy. It’s a realistic potential and it’s coming soon. Either folks get real about “reality” or they face the worst economic, political and civil disaster ever to strike human civilization in recorded history.

    Wake up! It’s not yet too late…

    Liked by 1 person

  6. Well I’VE got ’em beat—I have TWO DOLLARS. But Seriously, Folks (rimshot).

    George Carlin NAILED IT when he ranted, “It’s a great big club, and you and I aren’t in the big club…. The game is rigged, Folks, the game is rigged.”

    Yes, the game IS rigged. Not only inflation, but culture rot and economic disintegration are eating us alive. When this large a chunk is behind the 8-ball, there is something wrong with The System.

    For mine own part, I have been lucky, but I am still in stagflation land: The bills keep coming. Every time I turn around. (The latest: An ER bill for $319. I’m lucky: I can chip away at it each month.) Now I just received a jury duty questionnaire for Federal Court. (I can ask for an extension).
    But the real zinger is that the rideshare platforms I drive for have not offered a tipping option. This alone prevented some $8,000 a year from entering my balance sheet. (The Independent Drivers’ Guild in NYC has forced the matter to the Taxi & Limousine Commission. Today, one rideshare platform, the one that claims to “be above all,” to put it that way, announced that, come July, the tipping option WILL be on the rider app. This is BLESSED RELIEF.)

    So if it’s emergencies you want, come over to my life and recoil in horror! But I keep on going. This tipping option should make things easier. And getting out of the lease agreement I am in will make things even better. (I am also looking into working online from home—I can’t drive full-time forever.)

    But when this many people have this problem, I see TWO VILLAINS: The Federal Reserve Ponzi Scheme, and Cloward & Piven. We are being broken by DESIGN. If President Trump can stand in the right place with a lever long enough, he can move the World. Good Luck on that one!

    Liked by 1 person

  7. That´s what the left wants, people with no savings so that the government can help them -they become part of the state. Gone are the times of the American Dream, today is the American nightmare but the new generation, the so called millenniums are not worried, they can put it on a credit card, owe their life forever. I won’t be around, and I don’t make predictions but, folks let’s face it this is the new way and so far gone I can’t see it getting any better. Sorry but this is the way I see it.

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  8. It hit me the other day what I should be doing, the most bang for the buck, highest return on investments. I asked my self, “Self, after the crash what would you wish you had more of, other than food, water, and bullets?”. Immediately silver came to mind, silver being the poor man’s gold and I am a very poor man. Gold and silver are very affordable right now, silver spot is about 17 bucks. I’ll buy a few US silver dollars per month till the crash comes, then you won’t be able to get silver or gold. I like US silver coins as most Americans will recognise them for what they are and are hard to counterfeit. Gold and silver is an insurance policy without counterparty risk, and some who follow the stock market are saying gold and silver may reach unheard of highs when the crash comes. I get silver via a friend who sells enough he gets a quantity discount from his supplier, and I recommend staying local if you can and avoid the mass marketed precious metals sellers. but whoever will sell me US coins the cheapest generally gets my federal reserve notes. Also, pay off debt as best you can, for example, if you can’t make the house payment, well, you know the bank’s not going to let you live there for free. May YHWH bless all of you..

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  9. “What will these 78 million Americans, who don’t have even $1 in savings, do when their welfare and Social Security checks stop?”
    My guess is, they will riot in the streets and demand “those with” provide for “those without”. Today’s rioters must be free to riot for some reason, and my suspicion is that they aren’t working and probably live with ma & pa…
    (“Why can’t they be like we were, perfect in every way? What’s the matter with kids today?)

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    • Yes, they will. I remember reading a piece from a “pepper” who was involved with a big tornado. His neighbors all were waiting for Uncle Sugar to come but he never made it.

      The decision has to be made not to be dependent on anyone. No one can be free and dependent. In my own life time we’ve seen the bankers push people off savings and into debt. That’s no accident.

      Like

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