62% of Americans have less than $1000 in savings

[-DMP-]

Althought its still not much, online saving accounts are giving 1.00% interest rates. Better than the pittance your local bank will give you.

 

[AlwaysLurkin]

Local banks are so convenient tho,never had a problem with boa

 

[Dave24]

Most Millennials Have Less Than $1,000 In Savings, Live Paycheck-to-Paycheck | Zero Hedge

The majority of millennials are living paycheck to paycheck.

A recent survey of millennials by HowMuch.net found that 51.8% of those aged 18-34 have less than $1,000 held between bank accounts and cash savings.

As Visual Capitalist's Jeff Desjardins notes, this echoes previous data we’ve seen – not just on millennials, but Americans in general. For example, we know that 14% of Americans have “negative” wealth. We also know that 62% of Americans don’t have emergency savings that could cover a $1,000 hospital visit or a $500 car repair.

YOUNGER VS. OLDER MILLENNIALS
The broad survey data can be further divided into “younger” and “older” millennial segments: those aged 18-24, vs. those between 25-34.

Based on the survey question, an intuitive expectation would be that younger millennials are much more likely to have less than $1,000 in savings. After all, many of the people in this group would still be in school, and many are struggling withstudent debt.

However, the difference is far less than one may expect. While it is true that 57.6% of the younger demographic has less than $1,000 in savings, the older group is not much better off with almost half (47.1%) of them being in the same boat. This shows that many millennials in their late 20s and early 30s are still not able to generate substantial savings.

MALE VS. FEMALE MILLENNIALS
There is also a significant divide between male and female millennials here, with 56.7% of females having less than $1,000 in savings. Compare this number to the male percentage of 46.5%, and it is clear there is a substantial divide between genders.

Lastly, males are also more likely to have a substantial amount stored away in their bank account. According to the survey, 21.5% of males have more than $20,000 of savings, while only 11.9% females can say the same.

This fits me exactly. Broke and unemployed.

 

[onlylno]

Who needs savings when most live with their parents.

 

[AyBrehHam Linkin]

Sounds accurate for me

 

[lotteryplaya]

Sounds like an accurate description. Politicians only care about making the rich get even richer so I see no end in sight for the squeeze on the economy.

 

[Tom Foolery]

69% of Americans Have Less Than $1,000 in SavingsSaving money is still a struggle for many Americans, finds a new survey.

• By Cameron Huddleston
• September 19, 2016

Kaspars Grinvalds / Shutterstock.com
Americans are falling short when it comes saving money — specifically, setting aside money in savings accounts — to create a financial cushion. In fact, they’ve gone from bad to worse, according to GOBankingRates.com’s latest survey findings on savings amounts.

In 2015, we asked more than 5,000 adults how much they had saved in a savings account. The results were startling: 62 percent said they have less than $1,000 in savings.


Recently, GOBankingRates asked the question again, this time to more than 7,000 people to see if Americans’ saving rates have improved in the last year or so. But the results are even more surprising — the percentage of Americans with less than $1,000 in savings has jumped to 69 percent.

69% of Americans Have Less Than $1,000 in Savings | GOBankingRates

I find it funny they didn't blame the economy.

 

[Arithmetic]

American Dream

 

[THOT CATALOG]

thread gets made every month.

most people are poor. in a capitalism based society not everyone can be rich, duh. most people have terrible money habits and don't want to learn to be better. they'll suffer.

as long as you are aware of how personal finance works and are responsible enough to keep a few months of expenses (few grand) easily accessible then who the fukk cares about those losers.

 

[MJ Truth]

thread gets made every month.

most people are poor. in a capitalism based society not everyone can be rich, duh. most people have terrible money habits and don't want to learn to be better. they'll suffer.

as long as you are aware of how personal finance works and are responsible enough to keep a few months of expenses (few grand) easily accessible then who the fukk cares about those losers.

This is a pretty silly and short-sighted post.

 

[hayesc0]

Not on thecoli everyone makes 200k and has 6 pawgs 6 certs and 6 cars and 6 side chicks .

 

[MrPentatonic]

For the average person who hasn't woken up financially, there is way more incentive to spend money than to save or invest.

The average person probably watches TV 5 hours a day () = 1 hour and 15 minutes of advertisement telling you what to waste your money on.
Drive to work and how many billboard images, posters etc. will you see advertising money to spend? I haven't even mentioned the the radio while taking that drive.

Birdbrain consumer culture is basically state sponsored and is woven into the fabric of society and the economy but most people cant give it up, buying things they don't need gives them a hit of dopamine

@THOT CATALOG is right in a way, nothing you can do but steer your kids, friends and family away from this BS & make sure you put yourself in a position where you can eat from this culture one day.

 

[Groanman]

 

[little4209]

Sounds about right, most people out here living check to check

 

[BmoreGorilla]

OP from Canada. Why do you even care?