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Full Version: 62% of Americans have less than 1000 Dollards in their savings account
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breathtaking:

Quote:Americans are living right on the edge — at least when it comes to financial planning.

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.
But they have guns so savings is for stealing


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ridiculous for the "most prosperous nation" in the world
I find that a little hard to believe actually. I don't think I ever had less then 1K in the bank in my entire life after age 12.

Are they counting kids into the numbers?

I bet if you broke it up by ethnicity, those numbers would change dramatically.
well it's just for savings accounts and it's from a google survey

people also have money in their checking account, prob. more than their savings
article seems vague at best. Do they consider money markets a "savings account"? What about high interest checking accounts? What about discount broker accounts? I mean, I have a lot of savings, but I can be considered somebody who doesn't have a savings account if you go by those exact semantics. I still think many Americans are irresponsible with their money, but I am calling bullshit on that article. I know Mormons who have 10 years of living expenses saved and two years worth of food stock pilled. Pull me some people from another country that have that!
I don't find it hard to believe at all.

Semantics of what constitutes 'savings' aside, I am comfortable middle class here in Canada, and pretty much live month-to-month most of the time. Whatever 'savings' I have is in house equity/real estate.
Now the wife started a business and is letting us save a bit for travel, but for many years saving/staying out of debt was not very realistic. We battled to pay off and resist using a line of credit for a long time

This is quite normal from my perspective; most of our middle class friends/other parents etc in our peer group all live the same way. A $1000 or $500 surprise-expense would fuck most people up for their monthly budget, and the methods in the OP for dealing with it are pretty much how people live here too. (cut an expense, borrow, or credit cards). This is not poverty either imo... if you can manage to stay afloat life is pretty much OK, but you know you are still swimming and if you stop you drown.

Where does SometimesThe Heart of a Turtle get $1000 in the bank at age 12??

Is it really so hard to believe that people don't have a spare Grand laying around at all times? Most people I know don't
Birthday and Christmas money from my grandparents, aunts & uncles every year. Cash gifts from my first Communion and Conformation. Doing chores around the house for small amounts of money. Seriously, is 1,000 really that much? Are you messing with with me?

There is still a large portion of America that has their shit together, and have a lot of resources at their disposal. Like I said, I know many people who can go over a decade without working. These articles are to make the average American fool feel better about themselves and continue to spend. They say "gee... I am not one of those people" and continue on with their sheeple like existence, not feeling like a loser or failure.
I'm not messing with you. My daughter is 11 and ain't got no grand in the bank. I never had that as a kid either, and rarely since and I ain't even living that bad lol

I think its difficult for any of us to really comprehend another income bracket (higher or lower) unless we've really been there ourselves. There are vast levels in both directions that are hardly comprehensible. It's all totally relative. I feel rich these days cause I've been to the supermarket with 30 bucks before and I still don't have no spare G in my wallet.

Also I don't think its fair to say that people who can't 'go over a decade without working' or don't have stacks of money put away, = not having 'their shit together'. $1000 is a lot of money when you have to work for it. For many, that's a good week's wages.

Your comments about the article's intention to appease the consumer behavior is interesting though
This article is pretty accurate. I worked for a very large credit union near DFW Airport in Dallas/Fort Worth back in 2009. I was a call center rep and I spoke to 35 to 50 customers a day depending on how busy is was. The majority of people I talked to had on average of $600 total in their checking/savings account. They all had some kind of loan with us and I was really surprised on their average savings. Didn't matter if they were white/black/hispanic, etc,... A small percentage had over $1000. Some had between $5000 to $10,000. Very few had over $20,000. I only talked to a few old dudes with over $100,000. I could understand if they were young people getting their lives started, but these were people in their late 20's and 30's. Every account had their date of birth attached to their account.
That's why the trap of the system is so powerful; because the reality is that MOST people in the west actually need to WORK for a living. Meaning that if they stop working they stop living. Its a constant game of keeping up with expenses and its rare we ever get ahead enough to take a breather.

This is just simple reality for the majority imo. This is why we don't have time to learn or develop ourselves or get involved or whatever. We need to conserve strength to get up again tomorrow for work.

RAT RACE, yall
Aren't most people in the west in crushing debt?

Every time I go back to Canada, I'm amazed by the ads on TV:

'No credit? No problem! Don't delay! Order today!

Everything on TV is marketed to people without two nickels to rub together, but no how shitty your credit is, they can get you financed, so go buy it!
(10-11-2015 06:32 AM)Masato Toys Wrote: [ -> ]I think its difficult for any of us to really comprehend another income bracket (higher or lower) unless we've really been there ourselves. There are vast levels in both directions that are hardly comprehensible. It's all totally relative. I feel rich these days cause I've been to the supermarket with 30 bucks before and I still don't have no spare G in my wallet.

Also I don't think its fair to say that people who can't 'go over a decade without working' or don't have stacks of money put away, = not having 'their shit together'. $1000 is a lot of money when you have to work for it. For many, that's a good week's wages.

Your comments about the article's intention to appease the consumer behavior is interesting though

I agree with what you are saying. I might be somewhat jaded, at least to some extent. I just think the United States is far more diverse then people realize. Canada is a more difficult place to save money in my humble opinion. Things just cost more there, plus your tax structure is somewhat different. I still think people should be savings a lot more money than they do. If you don't have 1k in the bank, you have no business dining out, shopping for new phones, have the best cable TV plan, etc.
I have less than a grand in my savings. But well over ten grand in products. Guns, food, water, etc.
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