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Thread: Survey: 40 Percent Of Americans Have $500 Or Less In Savings

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    Dolphins9954's Avatar
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    Survey: 40 Percent Of Americans Have $500 Or Less In Savings

    A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings.
    The survey is a kind of departure for CreditDonkey.com, a website that compares credit card deals. Not respondents all were poor. Some had big houses, big mortgages or 401(k)s, but still no more than five Benjamins to rub together right now.

    Jill Michal, president and CEO of the United Way of Greater Philadelphia and Southern New Jersey, reacts to the lack of liquid assets.

    “It doesn’t shock me, but it does scare me. You know, we often say that the reason so many people fall off the edge in a tough economy is that they’re standing way too close to it, and I think this is a perfect demonstration of that.”

    Michal says there’s a lack of training in personal finances.

    “This is about life skills. It’s not just about arithmetic and reading, but we have to be able to teach the next generation that we have to be able to save for our own futures and we have to be able to save for those risks that could come our way.”

    Michal says United Way has programs that teach work- and life-skills, although she thinks a lot of this ought to be done in schools or homes.

    In addition to the emergency savings question, the survey found that 54% of respondents don’t have a savings plan in place, and 45% are afraid they’ll never be able to save.

    Not good.

    "Politics is the Art of Looking for Trouble, Finding it Everywhere, Diagnosing it Incorrectly, and Applying the Wrong Remedies"
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    phins_4_ever's Avatar
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    It is shocking but somewhat not surprising.
    The question I have here is: are they talking about savings as in cash reserve or also savings like stocks and CDs etc

    Since the decline of savings account (does anybody here remember some 10-15 years ago when you got 8% and higher) and the increase of credit cards the reserve funds steadily declined. The 'savings' of the middle class became Wall Street through mutual funds and direct stocks. That's why I am against privatizing social security. One crash and the 'savings' are wiped out. The individual does not make smart and sound financial decisions. Plus the ability and flexibility of saving has disappeared.

    I bet a lot of the 'savings' from 2008 were wiped clean from a good portion of that 40%. The financial world is fascinating in a bad way. Those with the most invested gain through these crashes and those scraping by and having a little nest egg with the least investment get hurt the most. Just don't think that recession in 2008 was targeted...oh no.....it came out of nowhere.....
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    CANDolphan's Avatar
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    That was going to be my first question as well Phins4ever.
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