62% of Americans Have Under $1,000 in Savings, Survey Finds
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62% of Americans Have Under $1,000 in Savings, Survey Finds
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Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#2This should be more explicit in saying "Savings Account" and not just savings.
I have plenty of savings yet have 0 savings accounts (since they're practically useless). A little misleading here when many people just keep their money in checking or investment/retirement accounts.
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#3[deleted]
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#4I don't have a savings account, but I do have more than that to spare and spend on whatever I want or not...
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#5There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them.
The APY my bank offers is one basis point. That's $1 per year for every $10k held in the account. You can imagine that if I suddenly found $100k burning a hole in my pocket I would not immediately think "Sweet! All I have to do is stuff that it the bank for a year and then I can almost afford an entire movie ticket!"
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#6There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them. The APY my bank offers is one basis point . That's $1 per year for every $10k held in the account.…
Well, they offer liquidity. I keep one for emergency living expenses; there's no real advantage over leaving it in checking, I guess, other than as a unit of organization, to explicitly mark it as "emergency funds".
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#7This should be more explicit in saying "Savings Account" and not just savings. I have plenty of savings yet have 0 savings accounts (since they're practically useless). A little misleading here when many people just keep their money in checking or investment/retirement accounts.
This is what I was wondering. I assume they mean liquid savings. I rarely have any liquid savings but I have 40k in various retirement funds.
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#8There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them. The APY my bank offers is one basis point . That's $1 per year for every $10k held in the account.…
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Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#9There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them. The APY my bank offers is one basis point . That's $1 per year for every $10k held in the account.…
I'd be surprised if it's just savings percentage driving this.
As tech workers we're a bit more privileged in that we have access to salaries and opportunities that a lot of America doesn't have.
Less than 6 years ago I was very much in that 62% category as high cost of living was eating into our combined paycheck pretty heavily.
Re: 62% of Americans Have Under $1,000 in Savings, Survey Finds
#10There's a conversation to be had about many Americans living in precarious financial situations, but the reason why most Americans don't currently view their savings accounts as priorities is because in the current interest rate environment savings accounts and CDs are products with vanishingly little to recommend them. The APY my bank offers is one basis point . That's $1 per year for every $10k held in the account.…
Also, the article title is very different than the actual survey question:
> How much money do you have saved your savings account?
That's a very specific question. A person with $5k in their checking account or a person with $100k in a retirement account might still answer that they have no savings.