62% of Americans have less than $1000 in savings

[Koba St]

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.

Most Americans have less than $1,000 in savings

 

[ThaBronxBully]

The GoFundMe Generation Of Beggers Don't Need No Savings

 

[iBrowse]

Yikes...

 

[Rarely-Wrong Liggins]

Sounds about right. But I'm sure those of us on the Coli don't have to worry about the problems of plebeians.

 

[iBrowse]

@Phoenix_Knightly23 is going to need one since I'm about to stop sponsoring her.

 

[toomanydoses]

Capitalism, it's great for everyone

 

[MalikReloaded]

Nikkas is starving out here

Yet every girl deserves a baller

 

[TooLazyToMakeUp1]

But spend a couple grand during Christmas

 

[iFightSeagullsForBread]

We outchere, just had to dip in my savings for $50 for transportation.

 

[King Poetic]

Luckily no coli posters are affected by this


But seriously, I'm not surprised...black community numbers alone are staggering

 

[RiffRaff]

That's actually a higher percentage than I was expecting. Maybe it's because I'm young though. Early 20's I have about a stack in savings right now. Money been going to other things though (additional college classes, getting braces) so I'm not really tripping right now though, I still put a little back every month.

 

[Red Shield]

If some serious economic shyt or worse pops off...

It will take a few days... but this country will go mad max

 

[Mirin4rmfar]

If some serious economic shyt or worse pops off...

It will take a few days... but this country will go mad max

shyt even people with good jobs and savings are screwed. Savings can only last u so long.

 

[Poitier]

And the sad thing is that number is higher than anywhere in the world save for Northern Europe + Germany probably.

 

[AtomicUse]

They only surveyed 5,000 adults.
What age range were the adults? They could survey 18-21 year olds, since there adults.How many of them have thousands in the bank? The other survey only surveyed 1,000 adults. That's a very small sample size to make a broad projection.

Coli posters would have pushed the stats up though I'm sure.