How bad at savings are you?

Discussion in 'General' started by nazdrowie, Oct 8, 2015.

  1. nazdrowie

    nazdrowie

    9,204
    4,963
    Joined
    Jul 18, 2012

    62% of Americans Have Under $1,000 in Savings, Survey Finds

    Having a savings fund is one of the keys to financial health. Yet trying to save is a struggle, especially because the biggest money challenge for Americans  is sticking to a budget — a central skill to ensure enough money is left over each month to save.

    To gauge how well Americans are saving, GOBankingRates conducted a survey that posed the question, “How much money do you have saved in your savings account?” The good news is that over half (51.3 percent — totaling all answers besides $0 and “I don’t have a savings account”) have at least something socked away in savings. But the survey findings also reveal that most Americans’ savings account balances are falling far short of where they should be.

    “It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” said Cameron Huddleston, a personal finance expert and columnist for GOBankingRates. “It suggests that 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.”

    The overall results from the survey show that 62 percent of Americans have less than $1,000 in their savings accounts, and a third of those under-savers have no savings account at all. The portion of savers with balances over $1,000 is 29.1 percent.

    The most frequently selected amount that people say they have in savings is also the lowest $0; 28 percent of people selected this answer. Even worse, the next-most-common answer is “I don’t have a savings account,” selected by one in five people (20.7 percent).

    Of people who have something in their savings accounts, the most common balance is $10,000 or more, a sign of financial health for those savers (14.2 percent). This amount is followed by 5 percent who have saved between $5,000 and $9,999, 9.9 percent who have saved $1,000 to $4,999, and 13 percent who have less than $1,000 in savings.

    Another 9.2 percent of people say they keep just enough money in their savings accounts to meet the minimum balance requirements  — a smart move that at least helps those depositors avoid maintenance fees. Minimum balance requirements can vary widely, however, and can be set relatively high compared with what most people are able to save. Bank of America, for example requires a minimum average balance of $1,500 a month to avoid its savings account fee, while Chase’s requirement is only $300.

    The survey shows some correlation between the balances of Americans’ savings accounts and their ages. For example, younger millennials (ages 18 to 24), known for their saving prowess, report having a smaller savings account balance of $1 to $4,999 more than other age groups. Older millennials (ages 25 to 34) — sometimes referred to as Generation Y — follow closely behind.

    Generation X (ages 35 to 54), while being older and presumably more experienced with money, actually report a savings account balance of $0 (31 percent), which is the highest number of all age groups. Only 16 percent of Gen Xers report having savings of $10,000 or more.

    Baby boomers (ages 55 to 64) and seniors (65 and up) have the most money saved of any age group, with a full 20 percent of those past retirement age reporting savings of $10,000 or more. Only 7.5 percent of younger millennials have this much money saved.

    People with higher incomes tend to have higher savings account balances. Those making less than $75,000 a year report having $0 in savings more often than people who earn more money. This income group also reports lower balances like less than $1,000 or saving just the minimum required balance.

    People earning $75,000 or more, however, are more likely to have more than $1,000 in their savings, and those earning at least $100,000 report having $10,000 or more in savings more than any other income group. While 27.7 percent of people earning more than $100,000 and 18.9 percent of people earning $75,000 to $99,999 report savings account balances of at least $10,000, about 20 percent of every income group earning less than $100,000 report having no savings.

    http://www.gobankingrates.com/savings-account/62-percent-americans-under-1000-savings-survey-finds/
     
  2. beezygotsole

    beezygotsole

    4,735
    1,385
    Joined
    Nov 7, 2012
    Not bad at all. Savings rate of 35% after tax. After a few raises I am aiming for a 45-50% savings rate.
     
  3. yeah

    yeah

    4,320
    4,651
    Joined
    Dec 1, 2011
    So basically, old people have money in their savings, young people don't. Got it.

    A small note:

    So, if that is to be believed, 80% of people 55 and up have less than $10,000 saved for retirement/emergencies/etc? If so :x :x :x, hope yall saving for your and your moms retirement. Yikes.
     
    Last edited: Oct 8, 2015
    beezygotsole likes this.
  4. lamekilla

    lamekilla

    20,640
    7,190
    Joined
    Sep 23, 2012
    My savings account consists of Nike signatures....
     
  5. adobecs4

    adobecs4

    15,637
    4,058
    Joined
    Mar 9, 2010
    Definitely part of that 62%
     
  6. friscostylez

    friscostylez

    7,675
    2,821
    Joined
    Apr 17, 2005
    this article doesn't surprise me at all. there are a gripe of folks, from people just stunning on social media to people with gambling problems, living beyond their means for no good reason.

    for some reason, i always thought girls saved more than guys but i guess i'm wrong.
     
  7. dathbgboy

    dathbgboy

    17,455
    2,291
    Joined
    Mar 15, 2006
    Terrible at savings, don't make enough to save, which is like 75% of the population *shrugs*. As soon as we push these boomers out of the way and step over the Gen Xers, we gon flourish homies
     
  8. nazdrowie

    nazdrowie

    9,204
    4,963
    Joined
    Jul 18, 2012
    the ones that have yet to retire are going to be totally reliant on social security...its scary 
     
    Last edited: Oct 8, 2015
  9. shotsrangout

    shotsrangout

    10,104
    4,311
    Joined
    Jan 30, 2013
    #pobreboyz

    We out here :pimp:
     
  10. 6 Rings G.O.A.T.

    6 Rings G.O.A.T.

    69,064
    14,966
    Joined
    Feb 12, 2006
    [​IMG]
     
  11. heliumclinton

    heliumclinton

    12,673
    2,874
    Joined
    Jul 7, 2008
    I'm horrible at savings for the simple fact an available balance to me = what else can I buy with this money

    I do keep 6 months rent saved just in case though that I've had for years
     
    cucumbercool likes this.
  12. proper english

    proper english

    11,358
    57
    Joined
    Dec 30, 2004
    I save at least 1/3 of my monthly income..

    left over from my leisure spending also goes into savings at the end of every month.
     
  13. 6 Rings G.O.A.T.

    6 Rings G.O.A.T.

    69,064
    14,966
    Joined
    Feb 12, 2006
    [​IMG]
     
  14. slighted

    slighted

    14,639
    5,295
    Joined
    Nov 17, 2013
    I've liquidated most of my possessions, but hope to reach 6 figures in savings by end of this year.
     
    Last edited: Oct 11, 2015
    beezygotsole likes this.
  15. mike honcho

    mike honcho

    2,605
    1,947
    Joined
    Apr 4, 2013
    Chopper, BukHumYai and dathbgboy like this.
  16. andretti

    andretti

    12,533
    3,156
    Joined
    Nov 5, 2012
    Part of that percentage

    Few (several bad mistakes)

    I'ma be alright though
     
  17. sea manup

    sea manup

    35,588
    11,237
    Joined
    Nov 14, 2012
    team savings [​IMG]
     
  18. doublemesh96

    doublemesh96

    13,183
    9,109
    Joined
    Dec 3, 2013
    i keep exactly 1 stack cash that i can never dip into unless its a life or death situation. and another stack in the savings account same thing. aside from that i splash on food, my whip, my girl, unnecessary random **** like air max and what not. so yeah im pretty bad at saving in general.
     
  19. Chopper

    Chopper

    6,343
    3,534
    Joined
    Mar 11, 2013
    :smokin
     
  20. hanacheezy

    hanacheezy

    4,255
    271
    Joined
    Oct 29, 2005
    i had about $15k until i had to pay for school, now back down to a couple hundred and not working gonna be a while before i'm back up there