Editor: Vladimir Bajic | Tactical Investor
Savings Crisis: 33 Percent of Americans Have No Savings
Updated June 2023
In the land of opportunity, a significant portion of the population is facing a financial crisis. According to a report by GoBankingRates, a staggering 33 per cent of Americans have no savings. This alarming statistic underscores the precarious financial situation many individuals find themselves in, struggling to make ends meet and unable to put money aside for emergencies, let alone retirement.
The survey polled over 1,000 adults and revealed that a lack of planning and savings, coupled with longer life expectancy, may shatter many Americans’ retirement dreams. The California-based financial advisor also found that the percentage of Americans with no savings at all had increased from 2016 through 2017.
Low salaries or lack of opportunities to earn more were identified as the key factor for 40.1 percent of the surveyed, while 24.9 percent told the personal finance site that they were already struggling to pay bills. Adults 65 and older annually spend almost $46,000, according to the Bureau of Labor Statistics. Nearly 10.3 percent do not stash away money, as they don’t need any retirement savings.
The survey also divided respondents into three groups: millennials, Generation X, and baby boomers. The latest poll reveals that at least 18 percent of millennials aged 18 to 34 have zero savings for retirement. Another 39 percent of respondents in this age group have less than $10,000 put aside. However, the total number of millennials with nothing or less than $10,000 saved has reportedly dropped to 57 percent this year, from 71 percent in 2017.
Respondents at the age of 55 or over comprise the highest percentage of those who have saved more than $300,000— 23 percent, but about one-third of them have less than $10,000 in savings. At the same time, Gen Xers, aged 35 to 44, are less likely to save, while people over 65 are the most likely to say they don’t have retirement savings because they used the money for an emergency.
This data paints a worrying picture of the financial health of many Americans. The lack of savings leaves indiiduals vulnerable to unexpected expenses and financial emergencies. It also raises concerns about the future, as without adequate savings, many Americans may face financial hardship in their retirement years.
To address this issue, financial literacy and planning need to be prioritized. Individuals should be encouraged to start saving early, no matter how small the amount. Employers can also play a role by offering retirement savings plans and matching contributions.
In conclusion, the savings crisis is a pressing issue that needs immediate attention. With a third of Americans having no savings, it’s clear that more needs to be done to promote financial stability and security.
33 Per cent of Americans have No saving
The majority of Americans, about 78 percent, express significant concern about not having enough money for their retirement, according to Northwestern Mutual’s 2018 Planning & Progress Study.
This concern is well-founded, as the study reveals a shocking 21 percent of Americans have no savings at all for their future, and an additional 10 percent have less than $5,000 saved.
This means roughly one-third of Americans have only a few thousand dollars or less for retirement.
While some individuals are more prepared, with 25 percent having $200,000 or more saved and 16 percent having between $75,000 and $199,999, the average retirement savings for Americans is $84,821, which falls significantly short of the recommended goal of at least $1 million by experts. . Full story
Conclusion to Americans have no savings
Conclusion: The savings crisis in America is a cause for concern, with 33 per cent of Americans having no savings at all. This alarming statistic highlights the urgent need for financial literacy and planning. To secure a stable future, individuals should start saving early, and employers can play a role by offering retirement savings plans and contributions matching. Addressing this issue is crucial to promoting all Americans’ financial stability and security.
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Sources
GoBankingRates Survey
Bureau of Labor Statistics
