Wow: Nearly All Americans Living Paycheck-to-Paycheck
June 24th, 2013
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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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