Despite financial advisers’ oft-repeated advice that we should have in savings an amount that’s the equivalent of at least 3 months’ income/salary, Americans simply refuse to save.
I’ve posted on this again and again on FOTM. See:
- Nearly 1 of every 2 Americans live paycheck to paycheck
- Huge gap in Baby Boomers’ retirement savings
- Majority of Americans unprepared if economy collapses
- America’s Retirement Disaster: 50% of 55-64 y.o. have only $12k in retirement savings
- U.S. elderly hounded by debt collectors
Here I am, once again sounding the alarm like Cassandra, with the latest shocking statistics on the financially dangerous and irresponsible way most Americans choose to live.
Maggie McGrath reports for Forbes, Jan, 6, 2016:
- A new Bankrate.com survey found that 63% of Americans do not have enough savings to pay for a $500 emergency, such as a car repair, veterinary or medical bill. Only 37% of Americans have at least $500 in savings! For the other 63%, to pay for a $500 emergency they would have to resort to measures like cutting back spending in other areas (23%), charging to a credit card (15%), or borrowing funds from friends and family (15%) in order to meet the cost of the unexpected event. Bankrate senior investing analyst Sheyna Steiner asks: “I did wonder what would happen if it was $10,000, what would the answer have been then?”
- Magnify Money released the results of a study that found that 56.3% of people have less than $1,000 in their checking and savings accounts combined.
- Pew Charitable Trusts reported that 1 in 3 or 33% of American families have no savings at all.
H/t FOTM‘s josephbc69
- Minimum wage hikes hasten replacement of human workers by robots
- Nearly half of U.S. college graduates can find only low-wage jobs
- No one works in 1 of 5 U.S. families
- White men increasingly don’t work
- 86M Americans simply don’t want to work: 40% of women, 28% of men, 39% of youth
- Many on Social Security Disability can but don’t want to work
- More Americans are on disability than the entire population of Greece