Majority of Americans Have No Ability to Save

[marmar]

http://www.truthdig.com/eartotheground/item/majority_of_americans_have_no_ability_to_save_20130928


Majority of Americans Have No Ability to Save
Posted on Sep 28, 2013


Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to nothing in emergency savings, a survey released by Bankrate.com shows.

CNN Money reports:

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.

… Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800. After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn’t enough money left over for saving more.

—Posted by Alexander Reed Kelly.

[Barack_America]

1. Sounds familiar.

We're saving like mad to try to build that 6 month cushion as well as save for retirement (we get no benefits at our jobs). Our health insurance costs over $600 per month (not counting copays and deductibles), that's what is really holding us back. The new baby coming next year will cost us about $5000 in medical deductibles and copays, so we're saving up for that now.

So we just don't spend on things like clothes, housewares, gifts, etc. Actually, it feels pretty good to break the cycle of consumption. We'd probably still do it even if the savings were rolling in.

[Trillo]

2. Do any of us really need corporations, or wealthy people, telling the poor how poor they are?

Its just another form of bullying.

[Bluenorthwest]

3. I assume my dentist and physicians are able to save, they get all of my money. All of it.

My dentist has a nice S Class so I guess that's what it is all about. His wife has a matching one. They have a house in Bali.