AMERICANS ARE IN DEEP TROUBLE: 23% SAVE NOTHING FROM PAYCHECKS
Mac Slavo
April 22nd, 2019
SHTFplan.com
Americans continue to dig themselves in a deeper and deeper hole. While many have no savings, they continue to pile on the debt and liabilities. All of these problems will make the next recession difficult for most to get through financially.
A new report by Forbes states that 23% (nearly one in four) Americans are saving not even one penny from their paychecks. As part of its 2019 Savings Survey, First National Bank of Omaha examined Americans’ habits, behaviors, and priorities when it comes to saving, monthly spending, and retirement planning. And based on the fact that nearly 80% of Americans live paycheck to paycheck, the rest of the results of the survey are, unfortunately, unsurprising.
According to the survey, only 40% of Americans prioritize their savings for their emergency fund with 27% saying their highest priority is saving for their retirement. 39% of Americans plan on putting this year’s tax refund in a savings account while 25% have never withdrawn from their savings account. Most Americans are optimistic too, with 60% reporting that they are “somewhat” or “very likely” to be on track with their savings to retire by age 65.
But those few decent statistics don’t detract from the scary ones. Such as, 63% of Americans do not set annual savings goals and 74% of Americans put 10% or less of their monthly paycheck towards savings. In fact, 23% reported that they put in 0% of their monthly paycheck toward savings.
Almost half (49%) said they only have enough liquid funds to cover living expenses for 0-3 months and 26% attribute high costs of living as to why they don’t have as much in savings as they would like. With the level of debt Americans have saddled themselves with, easy to see why they are blaming the cost of living as opposed to their oppressive monthly debt repayments. However, only 13% say credit card debt prevents them from saving while 13% say student loan debt prevents them from saving.
The Rest…HERE
