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76% of Americans Are Living Paycheck-to-Paycheck

Posted By admin On June 24, 2013 @ 10:59 am In Money Watch | Comments Disabled

Angela Johnson
CNNMoney.com [1]
June 24, 2013

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.

So why aren’t Americans saving more?

Full article here [1]

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URLs in this post:

[1] CNNMoney.com: http://finance.yahoo.com/news/76-americans-living-paycheck-paycheck-045900956.html

[2] Most Americans can’t afford a $1,000 emergency expense: http://www.prisonplanet.com/most-americans-cant-afford-a-1000-emergency-expense.html

[3] Half of U.S. Households Receive Government Aid … But One-Third of Americans Are Still One Paycheck Away from Homelessness: http://www.prisonplanet.com/half-of-u-s-households-receive-government-aid-%e2%80%a6-but-one-third-of-americans-are-still-one-paycheck-away-from-homelessness.html

[4] 50% Of Americans One Paycheck Away From Needing Government Assistance: http://www.prisonplanet.com/50-of-americans-one-paycheck-away-from-needing-government-assistance.html

[5] Americans raiding retirement funds early: http://www.prisonplanet.com/americans-raiding-retirement-funds-early.html

[6] R.I.P. Retirement: 28% Of Americans Are Raiding Their 401k Plans: http://www.prisonplanet.com/r-i-p-retirement-28-of-americans-are-raiding-their-401k-plans.html

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