Nearly 7 in 10 Americans have less than $1,000 in savings

[crimethink]

http://www.usatoday.com/story/money/...tudy/91083712/

However, new data emerged this week from personal-finance news website GoBankingRates that shows just how dire Americans' savings habits really are.

Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.

Breaking the survey data down a bit further, we find that 34% of Americans don't have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.

Furthermore, even though lower-income adults struggle with saving money more than middle- and upper-income folks, no income group did particularly well. Some 29% of adults earning more than $150,000 a year, and 44% making between $100,000 and $149,999, had less than $1,000 in savings. Comparatively, 73% of the lowest income adults (those earnings $24,999 or less annually) had less than $1,000 in their savings account.

There was even minimal difference between multiple generations of Americans. From seniors aged 65 and up to young millennials aged 18 to 24, between 62% and 72% of Americans had less than $1,000 in a savings account.

[crimethink]

Of course, this survey failed to take into account the fact a significant minority of folks simply do not trust the (((banking system))), and keep their savings in the Bank of Serta and/or the Bank of Real Money aka precious metals.

Some know history, and can see it repeating itself with "bank holidays."

Others are noting the theft of their savings by government and the banks themselves directly from their accounts, with negative interest rates and bailout expropriation.

Yes, there are a lot who simply spend everything they have, because they have it.

But then, there are a lot who have no surplus each month, as well, despite working 40+/week.

[cheka.]

it also leaves out the gov annuities they receive. they are worth hundreds of thousands of dollars......EACH

a 'beneficiary' collecting $2500/month has the equiv of $500,000+ net worth (the amount it would take to buy equiv annuities to provide same)

and this is a yuge understatement in current medical cost climate

[Twisted Titan]

Of course, this survey failed to take into account the fact a significant minority of folks simply do not trust the (((banking system))), and keep their savings in the Bank of Serta and/or the Bank of Real Money aka precious metals.

Some know history, and can see it repeating itself with "bank holidays."

Others are noting the theft of their savings by government and the banks themselves directly from their accounts, with negative interest rates and bailout expropriation.

I laughed so hard when I saw that .

good one.

[singular_me]

too many ways to milk the system, people believe in false safety nets, all of which makes them spend as if there are no tomorrows.

[madfranks]

Yes, there are a lot who simply spend everything they have, because they have it.

I know someone who lives this way. Single, no family, an income of around $150,000 per year and NO savings of any form. Living lavishly, spending paychecks as soon as they are received. It's a shame because as soon as times get hard there will be no cushion to fall back on.

[singular_me]

um-um... trump cannot fix this

I know a family of 6, and even though parents make decent $$, they have to pay 7K out of pocket before the insurance kicks in.
=======================

Poll: Half of America Can’t Afford More Than $100 a Month on Health Insurance
‘More than half of Americans—52.5 percent—say they cannot afford to spend more than $100 a month on health insurance premiums, according to a poll from HealthPocket, a technology company that compares health plans.

The group asked survey respondents at the beginning of open enrollment what was the highest monthly premium they could afford to pay for health insurance in 2017.’


Just over 11 percent said they could afford $300 a month, 5.5 percent said they could afford $400 a month, and 4.8 percent said they could spend $500 a month, while and 9.8 percent said they could afford $500 or more.

“Double-digit rate increases for people purchasing insurance in the Affordable Care Act market has renewed questions regarding what people can afford to pay for coverage,” the survey states.

A higher percentage of women said that $100 was the most they could spend a month on health insurance premiums. Fifty-seven percent of women said this was the case compared to 47.4 percent of men.

In addition, 60.1 percent of millennials between the ages of 18 and 34, a group that is attractive to insurers because they are healthier and less likely to use health care services, said that they could only spend $100 per month on premiums.

While the Obama Administration has said that many will pay less than $75 a month on premiums, the report notes that for the millions of unsubsidized Americans, premiums will be more expensive.

According to the report, a 30-year-old will pay an average premium of $311.17 for the bronze plan, $364.91 for the silver plan, $464.19 for the gold plan, and $553.15 for the platinum plan.

“Just as was the case in last year’s survey, $100 or less is the greatest amount of money most Americans can devote to monthly health insurance premiums,” the report says. “This affordability ceiling illuminates the continuing divide in privately purchased health insurance between the subsidized and the unsubsidized.”.....

http://freebeacon.com/issues/poll-ha...lth-insurance/

[expat4ever]

If these stats are true then its a big reason why she lost. People with no money being told they need to pay more in taxes and higher insurance premiums.
Meanwhile she insulates all her money in CF and pays almost nothing in taxes. Lives off the CF accounts.

[mamboni]

Maybe true. But if a pollster asked me about my bank assets, I would underreport the amount....massively. Yes, I am paranoid, especially about my finances. But this poll does jibe with personal experience: I know many working (and not working) adults who are treading dangerously financially with next to no savings. A $1000 is nothing today: a couple of cavities and a fender bender and you're down and out. Very scary.

[crimethink]

A $1000 is nothing today: a couple of cavities and a fender bender and you're down and out. Very scary.

Bare, bare, bare minimum is three months of normal expenses.