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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: 2258
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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Begin Trace Mode for Comment # 15.
#1. To: Willie Green (#0)
You're on a regular ultra libturd article posting spree today. A libtard isn't complete without your rich hating, Occupy loving... let's redistribute money "equally" bullshit.
Yep. And you have the Emperor Obama and the DRats (who contorlled Congress for most of Obama's administration), with some help from the REPs, to thank for that. Just check out how much money the Obamas started with compared to what they will have when he leaves office. And let's not even talk about the poor, broke Clintons. Just about very elected official leaves office an order of magnitude or more wealthy than when they started - except for the likes of the Kerrys and Kennedys of this world. And how about that Pelosi gal? How do yo like dem apples? Facts are pesrsistent, pesky things. Guess who is in that 1% territory? HINT: The guys and gals that make the laws and their benefactors. Guess when the system will change? HINT: John Lennon has the answer. Or was that Bob Dylan?
How about we pass a law that they cannot have more when they leave office, than what they started with? If they have more, confiscate it, put them in front of a firing squad. You are right. Look at Bob Dole. After the War, he was elected to be a county attorney, then got elected to Congress, then got elected to the Senate. Never had any other type of vocation. But when he retired, he was a multi millionaire.
#16. To: Stoner (#15)
You have me confused with a progressive. My only point is that one is crazy to think that those who are beneficiaries of the law will act to rewrite the laws to their detriment.
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#10. To: Willie Green, All (#1)
The rich get richer and the poor get poorer.
#15. To: SOSO (#10)
" check out how much money the Obamas started with compared to what they will have when he leaves office. And let's not even talk about the poor, broke Clintons. Just about very elected official leaves office an order of magnitude or more wealthy than when they started "
Replies to Comment # 15. How about we pass a law that they cannot have more when they leave office, than what they started with? If they have more, confiscate it, put them in front of a firing squad.
End Trace Mode for Comment # 15.
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