A fifth of Americans say they have zero savings

Nvidia Inc_H1b
Mar 14 25 Comments

https://www.businessinsider.com.au/americans-with-zero-savings-at-20-2019-3

About one-fifth of Americans don’t have any savings, according to a new survey.
The personal savings rate in the US has fallen since the 1980s, prior to which it routinely held in the double digits.
Savings have improved in recent years, but some Americans have said they would still have trouble paying for an unexpected $US400 expense like a car repair.

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TOP 25 Comments
  • Microsoft horizontal
    This has more to do with spending habits, culture of consumerism, and government provided safety net.

    Citizens of far poorer countries will have more % of their income stashed as savings.
    Mar 147
    • Amazon / EngEmEX
      You got proof or just ramblings?
      Mar 14
    • Compass / Eng
      FUPayMe

      CompassEng

      PRE
      Google
      FUPayMemore
      False. This has everything to do with wage stagnation for the past 40 yrs.
      Mar 14
    • Amazon TRuc81
      @FUPayMe no! It’s all the illegal immigrants taking welfare and voting! And the dems!! My wages haven’t stagnated for the past 40 years! And I’m a good to heart MURICAN
      Mar 14
    • Microsoft FBisEvil
      This is absolutely true abroad as well as here. Immigrants here have more saving while native born people are far more reckless
      Mar 14
    • New / EngTC++
      Immigrants save more because they don't have safety net of family and friends.
      Mar 14
    • Microsoft FBisEvil
      That’s an interesting way to propose a reason why they are more responsible.
      Mar 14
    • Microsoft / Engsfaxx
      Anecdata: Most Immigrants (half my family are) work extremely hard because they come to the states with nothing and save every penny they can. It’s their mindset. My American family spends much more liberally
      Mar 14
  • Uber inox
    We pretty much live in a bubble compared to most of the country
    Mar 140
  • American Express / Engwuali
    Study suggests 20% of people who participate in surveys don't have savings.
    Mar 140
  • Compass / Eng
    FUPayMe

    CompassEng

    PRE
    Google
    FUPayMemore
    Yep. This is why unions are important.
    Mar 141
    • Facebook / EngczqC20
      Maybe a union can make people earn more money, but it’s not going to change the spending habits.
      The culture of many people in America is that the more you earn, the more you spend, regardless if you make 20k, 100k, or 500k. In all 3 cases, you’ll see people without savings living paycheck to paycheck.
      Mar 14
  • LinkedIn dracaris
    50 million Americans on food stamps. And thus the zero savings figure is not surprising.
    Mar 141
    • Intel / EngDonaldDD's
      Verified, we have no problems in this country
      Mar 14
  • Amazon / Creative403
    Unfortunately, this is true - if not worse - worldwide as well 😕
    Mar 141
    • Amazon / EngKHCr70
      Everyone has iPhones though. And that's what really matters :)
      Mar 15
  • Microsoft trollExp
    That's good! The more people spend, the more business opportunities we have. If everyone stashed their money in banks, only banks make money.
    Mar 141
    • Microsoft horizontal
      That assumes banks actually stash it in their mattress. No they also reinvest that money in the market. They don't just sit on that money. They want profit too.
      Mar 14
  • Sirius XM PaHwlm56
    Good thing we teach financial literacy in school in the US. Oh, wait.
    Mar 142
    • Intel / EngDonaldDD's
      I would be willing to bet that around 10% of Americans can't find a full time job. It's easy to pass off real problems tho
      Mar 14
    • Sirius XM PaHwlm56
      The unemployment rate is 3.8%. Unemployment rate plus marginally attached plus employed part time for economic reasons is 7.3% total.

      https://fred.stlouisfed.org/series/U6RATE

      Both of those numbers are pretty low but regardless I’m not talking about people who are in that position, I’m talking about people who don’t have a clue how to make a budget, how to obtain financing that won’t set them up for failure, what items make sense to finance and which ones don’t, when to make choices that might mean they don’t buy expensive items when they can’t afford it, how to save, how to invest, etc. Making the wrong choices financially when a person or a family has the ability to make a choice as opposed to just meeting their basic needs can dig them into massive financial holes that are really hard to get out of and we do pretty much jack shit to educate people financially in our schools.
      Mar 14
  • Microsoft Xgvhh
    Saving money is a fallacy. If you need the savings in the future, it's "future you's" problem. Money is just a medium, saving it in bank account doesn't bring happiness. Spending it to generate outcomes is what improves quality of life. You can have 1 mil TC, but if you're spending only 50k, you are still living the same lifestyle.
    Save money for near future, but not for far future 3-4 years down the line. The changing world will most likely ruin the plans for which you've been saving for. Instead, convert the money into outcomes and live a richer life.
    Mar 201
    • Google engg1
      You get more opportunities, ability to take risks and more failure recovery if you have savings.
      Mar 20
  • Facebook public2
    A fifth seems really low. 50% seems more likely.
    Mar 140
  • Indeed cyhy46
    They should probably spend less and save more then
    Mar 140

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