FRESNO, CA (KMJ) – Americans are saving less of their income than they should be.
Between 10 percent and 15 percent of annual income – that’s what we should be saving, but one personal-finance website shows just how dire Americans’ savings habits really are.
Last year, GoBankingRates surveyed more than 5,000 Americans and found 62 percent had less than $1,000 in savings. Last month, that number was up to 69 percent.
34 percent of Americans don’t have a penny in their savings account, while another 35 percent have less than $1,000.
Of the remaining respondents, 11 percent have between $1,000 and $4,999, 4 percent have between $5,000 and $9,999, and 15 percent have more than $10,000.
Personal savings rates in the U.S. fifty years ago were double where they are today, and nearly all developed countries have a higher personal savings rate than the United States.
Credit card debt also looms over American heads, the average person in the U.S. between the ages of 18 and 65 currently has $4,717 of credit card debt.
