3 Of 10 Americans Have No Money In Their Savings Account
If you are thinking of jetting out of Naija to America, it is important that you read this.
The pasture may appear greener over there in Yankee but not necessarily so.
For your information, 32% of Americans, that is more than 3 of every 10 Americans have no shishi in their savings account. They simply live from paycheck to paycheck.
This revelation was contained in a new report from personal finance website GOBankingRates.
GOBankingRates conducts this survey yearly to better understand Americans’ personal financial standing.
Since 2015, the results have shown that most Americans have less than $1,000 in savings — and that trend continues into 2018.
Although the survey revealed a slight decrease in the percentage of Americans with no money saved – from 39% to 32 percent in 2018 – experts express concern over the mass of Americans with no financial backup plan.
GOBankingRates spoke to Jason Thacker, head of consumer deposits and payments at TD Bank, on why this is a serious concern for more than just your wallet.
“It’s always concerning when a large part of the population is seemingly living paycheck to paycheck because when unexpected personal or financial hardships occur, it can be challenging to recover without adequate savings,” Thacker said.
But on the flip side, the survey also showed a six-point increase in the percentage of Americans with $10,000 or more. Some experts suggest that this points to a disappearing middle class in the U.S.
Surprisingly, the survey suggests that millennials are better savers than older generations. Aside from adults 65 and older, millennials have the smallest percentage of respondents with less than $1,000 saved.
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