Tuesday, November 25th, 2014

Wow: Nearly All Americans Living Paycheck-to-Paycheck

Charleston Voice
chasvoice.blogspot.com
June 24th, 2013
Reader Views: 566

benarke

The economy isn’t getting better and the unemployment numbers we keep seeing are far from accurate. According to CNN Money, 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.  

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. 

 ”It’s disappointing,” said Greg McBride, Bankrate.com’s senior financial analyst. “Nothing helps you sleep better at night than knowing you have money tucked away for unplanned expenses.”

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 new Rasmussen Report shows the majority want the government to cut spending in order to spur economic growth. Source

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Contributed by Charleston Voice of chasvoice.blogspot.com.

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  • Peter Thompson

    I used to have 6+ months of emergency cash in the bank. Then the banksters and Obummer happened. Now, I keep only enough cash in the bank to pay current expenses. How many people had money in the bank before this insanity?

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