Skip to content

THE TIMES USA

The News that Matters

Menu
  • ABOUT
  • CONTACT
  • LIFESTYLE
  • NATIONAL NEWS
  • BUSINESS
  • INTERNATIONAL NEWS
  • TECHNOLOGY
  • PRICE OF BUSINESS SHOW AUDIOS
Menu

Approximately One-third of Americans Have Nothing Saved

Posted on October 19, 2018 by admin

A new report from personal finance website GOBankingRates revealed that 32 percent of Americans – nearly a third of respondents – have no money in their savings accounts.

GOBankingRates conducts this survey each year to better understand Americans’ personal financial standing. Since 2015, the results have shown that the majority of Americans have less than $1,000 in savings — and that trend continues into 2018. To view the full survey results, visit: https://www.gobankingrates.com/saving-money/savings-advice/average-american-savings-account-balance.

In a new survey, personal finance site GOBankingRates found that 58 percent of respondents had less than $1,000 in savings. The report also revealed that Gen Xers and Baby Boomers were the largest groups to report that living paycheck to paycheck was the biggest obstacle to saving more money.
In a new survey, personal finance site GOBankingRates found that 58 percent of respondents had less than $1,000 in savings. The report also revealed that Gen Xers and Baby Boomers were the largest groups to report that living paycheck to paycheck was the biggest obstacle to saving more money.

Although the survey revealed a slight decrease in the percentage of Americans with no money saved – from 39 percent to 32 percent in 2018 – experts still express concern over the mass of Americans with no financial backup plan. GOBankingRates spoke to Jason Thacker, head of consumer deposits and payments at TD Bank, on why this is a serious concern for more than just your wallet.

“It’s always concerning when a large part of the population is seemingly living paycheck to paycheck because when unexpected personal or financial hardships occur, it can be challenging to recover without adequate savings,” Thacker said.

The survey also showed a six point increase in the percentage of Americans with $10,000 or more. Some experts suggest that this points to a disappearing middle class in the U.S.

See the full data visualization here.

Additional Insights

  1. The survey suggests that millennials are better savers than older generations. Aside from adults 65 and older, millennials have the smallest percentage of respondents with less than $1,000 saved.
  2. 29 percent of adults reported that they do not keep track of how often they deposit money into a savings account. Gen Xers ages 35 to 44 were the largest group to report that they do not keep track of finances, at 32 percent.
  3. Thirty-one percent of respondents reported that living paycheck to paycheck was the biggest obstacle to saving. Gen Xers ages 45 to 54 and Baby Boomers ages 55 to 65 — adults who supposedly are in their prime earning years — were more likely than any other age group to claim this.

Methodology

This GOBankingRates survey asked 5,002 adults the following six questions: 1) How much money do you have saved in your savings account? 2) What are you primarily saving for? 3) What obstacle(s) are keeping you from saving more money each month? 4) Of the following, which (or who) has proven most helpful for managing your savings? 5) How often do you deposit money in your savings? 6) What would you do or sacrifice if it meant achieving your savings goals? For question No. 2, respondents could choose more than one response.

Responses were collected through a Survata survey from Aug. 27, 2018 to Sept. 4, 2018, and are representative of the U.S. online population.

You Might Also Like...

  • Three Generations of Americans Fearful of Democracy's Future

    New survey results find that a strong majority of Americans from three generations say the…

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

VIDEO: This Week’s Best of our Network

https://www.thetimesusa.com/wp-content/uploads/2022/05/Newsweek-Editor-on-Politicization-of-Buffalo-Tragedy-and-More-5_23_22.mp4

GDPR Compliance

USABR does not collect data on its visitors.  For more information visit: https://www.usabusinessradio.com/contact-us/

Contact

Contact articles@usabusinessradio.net for more information on articles on this site. BMuyco@usabusinessradio.net for all other information.

Recent Articles

  • A “Defensive Posture” in Finance is Not Sticking Your Head in The Sand
  • Clinic for Family Dentistry in Mattapan: How To Find One?
  • Why Digital Marketing Is Now the Go-To Method of Marketing
  • 5 Things a Small Business Owner Should Know Before Scaling
  • Different Types of Legal Fees Charged by Lawyers

The Secret to Making New Rich Books Work

The Secret to Making New Rich Books Work

Also in TTUSA

  • This Media Whizz Is Rocking The Industry With New Amazing Ideas
  • Saratoga Casino Blackhawk | Free online roulette games – casino
  • Amazon’s Influence on the Real Estate Market Most Likely to Overperform in 2019
  • 5 Ways to Turn Your Passion into A Thriving Online Business
  • P5 Gambling – Casino action analysis and review

RSS The Daily Blaze

  • The Importance of Using Social Media Platforms To Improve Business and Website Traffic
  • Have You Installed the Vingo App? Open a Free Account Today
  • Famed Defense Attorney Looks at the “State of Texas vs. Melissa”
  • Powerful Habits To Become A Better Version Of Yourself 
  • A Guide to Decorating Your Wedding Venue (4 Vital Things to Remember)

The Leader in Business News

The Leader in Business News

RSS USA Business Radio

  • Cody Willard on How to Navigate a Dicey Stockmarket
  • Newsweek Editor on Politicization of Buffalo Tragedy and More
  • EPIC Software-as-a-Service – A Consumption Model for Healthcare Providers
  • US Stock Market Moving Rapidly to a Bear Market
  • Thought Leaders Find Book Publishing a Powerful Tool

RSS USA Daily Times

  • Journey to Becoming a Millionaire Begins in Your Mind
  • Chris Miles’ New Commentary Feature on Price of Business Digital Network
  • 6 Ways You Can’t Hide Text in Files, Emails and Other Data From a Search Engine
  • What to Do When Your Health Insurance Won’t Cover a Treatment
  • Post Reporter on Disaster Relief Disparity in Texas

RSS USA Daily Chronicles.

  • The Significance of the Leaked Dobbs Supreme Court Draft Opinion
  • Technology Has Improved the Way That We Play Online Games
  • Is Now a Good Time to Sell a Business?
  • The Impact of the Roe vs. Wade Overturning Might Have Could Surprise People
  • Barbara Comstock Assess the Political Primary Season

RSS Price of Business

  • Cody Willard on How to Navigate a Dicey Stockmarket
  • The Significance of the Leaked Dobbs Supreme Court Draft Opinion
  • Making Effective Strategic Decisions
  • Walk Through Guide to Buying a Dog Bed
  • Damon Becnel Shares 5 Reasons Startups Fail and How To Avoid It

RSS US Daily Review

  • How Texas Is Looking To Provide More Mental Health Providers Into the Education System
  • Sen. Manchin Joins GOP in Blasting Biden’s Interior Secretary
  • The Benefits of IT Staff Augmentation Services
  • Handgun vs. Pistol: What’s Best for Self-Defense?
  • The “Tax Cuts Causes Inflation Argument” is Old and Requires Examination

PoB Digital Network

US Daily Review

USA Business Radio

USA Daily Chronicles

USA Daily Times

The Daily Blaze

The Times USA

Price of Business

© 2022 THE TIMES USA | Powered by Superbs Personal Blog theme