Majority of Americans Have No Ability to Save
Posted on Sep 28, 2013
Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to nothing in emergency savings, a survey released by Bankrate.com shows.
CNN Money reports:
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
… Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn’t enough money left over for saving more.
—Posted by Alexander Reed Kelly.
NTLam (CC BY 2.0)