Wow: Nearly All Americans Living Paycheck-to-Paycheck
June 24th, 2013
The economy isnât getting better and the unemployment numbers we keep seeing are far from accurate. According toÂ CNN Money,Â 76 percent of Americans are living paycheck-to-paycheck.
Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday. Â
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.Â
Â âItâs disappointing,â said Greg McBride, Bankrate.comâs senior financial analyst. âNothing helps you sleep better at night than knowing you have money tucked away for unplanned expenses.â
Even more disappointing; The savings rates have barely changed over the past three years, even though a larger percentage of consumers report an increase in job security, a higher net worth and an overall better financial situation.
Meanwhile, a newÂ Rasmussen ReportÂ shows the majority want the government to cut spending in order to spur economic growth.Â Source
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