News   /   Economy

Most Americans have less than $1,000 in savings: Survey

A homeless man receives food at a shelter, in Los Angeles, California, on September 23, 2015. (AFP Photo)

A recent survey has found that most Americans lack reliable financial savings and 1 in 5 have no savings at all.

According to the Consumer Survey commissioned by GoBankingRates, two out of three Americans have $1,000 or less in their bank account.

The survey, conducted with 5,006 respondents in September, also found that young people are more likely to be financially broke.

The results from the survey also show that, at 31 percent, Generation X (those aged between 35 and 54) were most likely to have no savings.

This is while 29 percent of Millennials (people aged between 18 and 34), as well as 28 percent of Baby Boomers (people aged between 55 to 64) said they had no savings account, or that it had run empty already.

This is while 16 percent of Generation X, 17 percent of Baby Boomers and 20 percent of American seniors aged 65 and up reported having more than $10,000 in savings.

“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” said Cameron Huddleston, a personal finance columnist for GoBankingRates.

“They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses,” he added.

According to a separate poll conducted by Bankrate.com in February, a quarter of Americans were found to be “teetering on the edge of financial disaster,” with credit card debt equal or greater than their emergency savings.

The poll found that the number of Americans with meager or nonexistent savings appears to have stayed at 62 percent since February.


Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk

SHARE THIS ARTICLE
Press TV News Roku