69% Of Americans Have No Financial Cushion! (Survey)

By | October 11, 2016

In a survey conducted by GoBankingRates.com, nearly 7 out of 10 Americans answered that they have less than $1,000 in savings accounts!

This sorry state of affairs is far worse than the result reported in 2015 when another GoBankingRates survey asked 5,000 adults the same question, and 62% said they had less than $1,000 accessible were a financial emergency to arise.

And if the 69% number from 2016 is broken down even further, fully 34% of Americans have $0 in savings!

So is this result due to an income issue or an overspending issue?

Anecdotally from another survey conducted concerning debt burden,  fully 51% of the respondents said that they had no debt.

And for those who answered that they did carry debt, a mortgage in the median amount of $59,000 was by far the largest segment of the burden.

Therefore, putting on our amateur financial analyst hats, it seems that the income piece of the equation is where the problem may be centered.

These are the survey results…

Debt Burden Breakdown

American debt burden chart

Survey Results: How Much Do Americans Have In Savings?

Chart of Americans Savings Accounts

 

Michael Haltman is President of Hallmark Abstract Service in New York and a Director of Heroes To Heroes Foundation.

He can be reached at mhaltman@hallmarkabstractllc.com or at 516.741.4723.

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