SHOCKING: 24% Americans Don’t Have Even One Dollar In Emergency Savings
I’ve posted about Americans’ dismal state of finances before, but this news shocked even me.
Today, Bankrate.com released the results of its June Financial Security Index survey that 24% of Americans — 1 in every 4 Americans — don’t have even a single dollar saved for an emergency.
According to the U.S. Census Bureau, the population of the United States is 325.277 million. 24% of Americans = 78.07 million.
What will these 78 million Americans, who don’t have even $1 in savings, do when their welfare and Social Security checks stop?
Some more Bankrate survey findings:
- As many as 27% of Baby Boomers — those born between 1946 and 1964 who are 53 to 71 years old — don’t have even a dollar in savings.
- Only 31% of Americans — fewer than 1 in every 3 Americans — have what’s considered an adequate savings cushion: enough to cover 6 months’ worth of expenses or more.
Some more financial info. from Catey Hill for Money-ish, June 20, 2017:
- Americans have misplaced money priorities, valuing vacations more than saving for retirement: A study released this week by COUNTRY Financial found that more Americans (36%) are concerned about affording that vacation than having adequate retirement savings (32%), which would explain why more than 50% of Americans will be broke when we retire, according to a survey from GoBankingRates.com.
- Americans have more than $1 trillion in credit card debt:According to data released this year from the Federal Reserve, Americans owe $1.0004 trillion on their credit cards, up 6.2% from a year ago — the highest amount owed since January 2009. But that’s just credit card debt. Americans also owe more than $1 trillion in car debt and student loans.
- 1/4 of Americans can’t pay their monthly bills
- 63% of Americans don’t have $500 in savings for an emergency
- Teamsters private pension near bankruptcy; benefits of 407,000 retirees may be ‘virtually nothing’
- No one works in 1 of 5 U.S. families
H/t Will Shanley