Struggle with Saving Money? 69% of America Is With You
According to GOBankingRates recent survey, 69% of Americans have less than $1,000 in their savings. GO Banking Rate surveyed 7,000 Americans, of all ages, about how much money they are setting aside in their savings account.
Not only are Americans struggling to come up with $1,000 in their savings, 34% of Americans have $0 saved.
$0 saved toward anything… or rather toward nothing. In last year’s survey by GOBankingRates, 28 percent of respondents said they have $0 saved. Now, 34 percent say they have no savings.
Before we all start blaming those millennials for their overspending on lattes and iPhones, the older millennials are actually doing better than the older Gen Xers.
Older millennials (ages 25 to 34) are shown to be doing a better job of saving money than younger millennials and even Gen Xers (ages 45 to 54). The GOBankingRates survey found a greater percentage of older millennials have $1,000 or more saved than older Gen Xers ages 45 to 54 — 33 percent versus 30 percent.
Looking past the amounts each generation and America has saved, it’s clear that a good amount of Americans are struggling to save even a little bit of every paycheck. After seeing the results, it may seem impossible to see your savings include a comma, but it is possible to build your savings. And that’s by starting. We recommend starting to save $1/day just to prove to yourself that you can handle just saving in general. Before you know it, you’ll have a good amount set aside.
To see more results of GOBankingRates survey: see here.