Google Consumer Surveys found that almost two-thirds of Americans are “savings poor,” with less than $1,000 in their savings accounts. About one in five are so broke they have nothing saved.
Google Consumer Survey for the Los Angeles-based GOBankingRates.com, which publishes the best personal deposit interest rates to a million subscribers each week, found that 62 percent of Americans do not have $1,000 in savings. About 13 percent have less than $1,000; 9 percent the bare minimum to keep the account open; 28 percent have $0 in a savings account; and 21 percent do not have any savings at all.
For those Americans with the discipline or capability to save at least $1,000, about 10 percent have between $1,000 and $4,999; 5 percent have between $5,000 and $9,999; and only 14 percent have more than $10,000.
And anybody with something, look the fuk out!!
I am.
Zeroed in at 200 yards.
I hate to be the bearer of bad news, but we have been broke for a while now.
I’m so broke I can’t pay attention.
😛
The article states that the CPI rose 0.8% in 2014. Does anybody actually belive this bullshit? Since I bought my apartment in 2008, the CPI has allegedly gone up “only” 15%. The cost of my health insurance has more than doubled since then, and a commute that cost $250 per month is now $335. Where I live, a loaf of bread and a gallon of milk both cost about $4.00. I recently saw the price of some kinds of produce skyrocket by more than 25% in the space of just a few weeks. And i’ve had the same salary since April 2013. Let’s see Uncle Bernie do something about that.
What galls me is that I have to struggle like this, working like a Hebrew slave so that so that a permanent subclass of humanity can happily smoke weed, watch daytime TV, and chat on the cell phones Uncle Bawwy gave them Enough is enough; I am sick to death of this nonsense, and this is why I am supporting a Trump/Cruz ticket. The GOP is only going to be more of the same, and the Demo won’t be satisfied until I declare bankruptcy, so screw them.
How long before the Democrats “suggest” that people with over $10K is savings “share” their good fortune with others?
They won’t suggest shit. Just as their progenitors, the NSDAP, they’ll simply insist that everyone “invest” in Treasuries. Take your money and replace it with (more) worthless paper. The NSDAP did it with corporate profits, too (corporations could keep 6 1/2% and the rest was “invested” with the gov’t) – and retirement and insurance.
Psssst! These are the same people who will tell us that the unemployment rate is 5.0%!!
Welcome to the new Communism of unnecessary, over-reaching, over-bearing, autocratic regulation where the only thing that’s free is deceit, division and disinformation!
Yes, that thought occurred to me too.
I can’t wait until Trump is in office and he gets BLS under control. Then we’ll find out that we’ve had double-digit unemployment all along.
Read the article carefully and it appears to be speaking specifically about traditional “Savings Accounts”. My wife and I carefully saved and invested for years and are quite comfortably retired – living below our means on income from investments. Neither of us have had a “Savings Account” in years, probably since money market accounts were first offered through brokerages.
Not to take away from the fact that most American’s, probably starting with my generation born in the 50’s, do not have nearly enough net worth to support themselves.
When the socialists sweep the accounts, they’re probably not gonna forget MM accounts.
Good luck. You and your wife did well.
When I hear that the Fed is worried because their inflation target of 2% is only .5%, I don’t know whether to laugh or cry BULLSHIT.
I guess they don’t do much grocery shopping because in the past couple years, I’ve seen the prices of common items I use like eggs, cheese, tuna and beef shoot through the roof. In some cases more then doubling in price.
And to complete the GD beatdown, nothing says all those 12 and 14 hour days I put in in my studio don’t mean shit, is getting behind someone at the store with a cart full of food and pulling out an EBT card to pay for it. And in some cases getting cash back too. WTF is that all about????
There is something seriously wrong here and I feel your pain greetingsfromyonkers
If printing money equals inflation why don’t we have any?
https://www.linkedin.com/pulse/money-printing-equals-inflation-why-dont-we-have-any-michael-haltman?trk=pulse-det-nav_art
This is what inflation looks like!
http://3.bp.blogspot.com/-hMTJG4pWJwU/Vn_yXJ2gfBI/AAAAAAAAijY/cVWW8lP5ato/s1600/1b.jpg
I’m spending it as fast as I can. Just got back from a 15-day cruise, leaving again in 2 weeks for Hawaii, got another trip planned for Alaska. The thieves will have to figure out who the 15% are. Drive your car till the wheels go square, don’t flaunt the empty box of a screen TV in your garbage, and when the homeless ask you for some money just say to them “honey, if I had a nickel I would leave town.”
Crazyeighter: What you’re doing in your avatar is what I will do to the Dems – but only in their face where they see my middle finger.
Not me you poor saps. I got money comin’ out my ass. I think it’s time to go to the bathroom again.
It’s SAVINGS ACCOUNTS, not SAVINGS. Many people keep low balances in their savings accounts, their real savings in other investments.
“But the energy costs offset the rise in grocery prices.”
Funny, when gas was four bucks a gallon, energy costs weren’t included in the CPI for the purposes of Cost of Living Adjustments.
I work for a company with a large percentage of liberals. We were talking last week about the busy season coming up this winter/spring. The last two years have been a struggle to find enough seasonal employees to complete all of our projects. One lady said she thinks it’s because the economy has improved so much that people don’t need the jobs.
I had to leave the room for fear of laughing in her face. I know why we can’t get workers but I dare not say it for fear of losing my job – there are too many people on welfare and they just don’t want to work that hard.
It’s true.
This is the legacy of putting everyone over 65 on welfare.
The government wanted more poverty, so they subsidized it. Works every time.
This is the ant and grasshopper story reversed, those that plan are punished and robbed, those who don’t rewarded.
We need to move SS up to 78 years old to remove the incentive.
FYI I am 61.
They won’t forget stocks and bonds and IRAs and 401Ks either. Roth IRAs not subject to taxes? That can change with the stroke of a pen. Anything that’s trackable by the powers that be can be subject to taxation or confiscation if necessary.
Try not to worry too much, though. After all, your Government is looking out for you.
Right…?
?
I do think at least some people interpreted the question differently, given that about 9% said they have the ‘minimum required amount’ in savings. I have the minimum $5 in my savings account. But I have some investments – not enough to retire on but certainly a couple of years’ worth of safety net.
The only problem with that approach is that most people would never get to retire. The average life span of Americans is 78.8 years (a/o 2012), and the obituaries are full of people your age or younger. And even if you make it that long, how much quality of life are you going to have in your so-called “golden years”?
However, you can still do your part by continuing to work until you’re 78, which will help keep the system afloat for those who are not quite as dedicated as you are.
?
The proactive vs. Gimmee. The gimmees don’t/want to get real with themselves to build an honest life, they’ll accept the least common denominator while throwing rocks at you.
Our future economics suggests that if you have wealth, do the social good thing and sacrifice your wealth. But, with decreasing opportunities for recipients to do for themselves. A mid class low class meld. The only rocks I’d throw at the rich is the lack of opportunity for people to prosper for themselves, if they’re willing to learn and work hard enough. Drunk with MEism and entitlement, I know the picks must be slim.
I read somewhere that the average credit card debt is $10,000.
People just are not disciplined in their spending or saving habits.
Too many live beyond their means.
Teaching youth how to manage money should be part of public education for all 12 years of school. It certainly would benefit them more than teaching PC tolerance for the sexually/mentally confused 1% in the world or forcing kids to ignore Islamo Fascism.
You better stop paying attention.
…as much as I believe that we have a sub-6% unemployment rate. The 93-MILLION out of the workforce are no longer “unemployed” if they are out of benefits and/or “not seeking employment”.
Ever notice the jobs numbers and GDP is “corrected” later, always being published after 5 p.m. on Friday?
NSDAP = National Socialist Democratic American Party. The DNC’s new name.
Nobody haz no money, ‘cuz we gotta get a new i-phone every three months, which includes the charger plug-of-the month and all the other non-interchangeable impedimenta Apple forces upon you. Me? I Droid.
NSDAP is just a transitional phase until they become the National Socialist Workers Party.
“Teaching youth how to manage money should be part of public education for all 12 years of school”
Totally agree. Been saying that since I was 21.
Question is, since it’s obvious to so many, why isn’t it taught at all?
if you keep your money in a bank is it really yours?
supreme court said no.
how will you access it if the bank has a fdr “holiday”?
why do you think people should be given tax payer money to retire with?
if you want to quit working isn’t it up to you to provide for yourself.
at one time not long ago no one retired when they hit a certain age.
My Social Security benefits are not “tax payer money”, thank you very much, except in the sense that I was the taxpayer who paid them into the system for almost 50 years! Anything I get out of the government is the money I paid in, hopefully with interest, and I may not live long enough to get it all back out. Also remember that I didn’t have any choice in whether I wanted to participate in what some people call a big Ponzi scheme, either. If you want to leave your money in Social Security for others to have, and work until you drop dead, feel free – but don’t expect everyone else to.
“Tax payer money”, indeed. Grrrr.
?
Teaching youth how to manage money should be done at home first, unless the parents are too ignorant to do it. Then I guess you have to depend on the school system.
Ignorance is a given if parents are physically able and still poor after so many years.
Just look at what so many of the poor do when any money does come into their lives – they usually go in debt or die from excess. Just check out the history of lottery winners.
Roger. That.
And that’s why wealth equality is just a Leftist wet dream. If you took all the money owned by everyone in the country and divided it equally among the population, within ten or twenty years things would be right back to where they started. Maybe even sooner than that.
Some people just can’t/won’t handle money.
I can’t afford to spend the night.
Socialist Security is a TAX.
Not an “investment.”
Whatever money you put “in” was spent the year you put it “in,” or the year before …
So sorry.
Apple don’t force shit on anybody.
You gotta volunteer to get ripped off.
You can call it a tax, or you can call it a loan, or you can call it your Aunt Gertrude’s double-headed dildo, it’s still my money, and I want it back.
It’s NOT your money and you ain’t getting it back! I don’t even get a portion of mine, cuz Jimmy Carter is a thieving, lying fucking asshole who should die, already.
EHHHNNT! – wrong answer. I AM getting it back, as we speak. Every month, courtesy of Uncle Sugar. I probably won’t get everything that I put in, but I’m trying my best to stay healthy so I can have a shot at it.
🙂
P.S. – I’m sorry if Jimmy Carter ran off with your money, although I can’t guess how he did it. However, I did give you an upvote on your last comment, if that helps any.
Thanks.
Retired Feds and Armed Forces and Survivors get fucked out of their Socialist Security because Jimmy Carter declared us “double dippers” and signed a law that fucked us out of what we paid into it and what we should have been entitled. I paid into SS before I went with the Feds and when I worked outside the Fed.
Damn! That WAS a shitty deal. They should have at least paid you back the money you had put into SS if they weren’t going to let you draw benefits. Just goes to show that they can do anything they want to you, if they want to bad enough. Asshats.
?