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.
Everyone has iPhones though. And that's what really matters :)
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.
We pretty much live in a bubble compared to most of the country
50 million Americans on food stamps. And thus the zero savings figure is not surprising.
Verified, we have no problems in this country
Study suggests 20% of people who participate in surveys don't have savings.
That's good! The more people spend, the more business opportunities we have. If everyone stashed their money in banks, only banks make money.
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.
They should probably spend less and save more then
A fifth seems really low. 50% seems more likely.
Good thing we teach financial literacy in school in the US. Oh, wait.
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
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.
Yep. This is why unions are important.
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.