Data & Research October 5, 2015

Majority in U.S. Have Less Than a Grand Saved

Ninety million people have nothing saved.
Reported by

Nearly two-thirds (62%) of Americans have less than $1,000 in their savings accounts, according to a survey by GOBankingRates.com. One in five Americans, 90 million people, don’t even have a savings account.

“It’s troubling how many Americans aren’t thinking about long-term planning or retirement, with little to nothing stashed away in a savings account,” says Casey Bond, editor-in-chief of GOBankingRates. “Saving money is an uphill battle for many, but there are a number of simple ways people can consistently grow their nest egg over time, such as automating their savings. Even a small contribution is better than nothing at all.”

The survey also found that the age group most likely to have nothing saved is Generation X, those aged 35 to 54. Of those Americans who do have a savings account, the most common balance is $10,000 or more, held by 14.2% of people. 

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Men are more likely to have a savings balance of more than $10,000 than women (16.4% versus 10.4%). Young Millennials (ages 18 to 24) are the most likely to have a savings account balance of less than $1,000, while seniors (those age 65 and older) are the most likely to have $10,000 or more.

Google Consumer Survey conducted the survey for GOBankingRates September 11-13 among 5,006 adults. Additional findings are presented here.

Deals & People October 5, 2015

CBIZ Acquires Georgia Pension Admin Firm

The professional services firm has acquired Pension Resource Group Inc.
Reported by

Woodstock, Georgia-based Pension Resource Group (PRG) provides pension administration solutions including defined benefit administration, data warehousing, benefit communication, compensation statement and human capital services to clients ranging in size from 500 to over 60,000 participants. PRG has 35 employees and reports that it recorded approximately $4.8 million in revenue over the past 12 months. PRG’s co-founder, Michael Croyle, cited CBIZ’s culture and service offerings as a perfect fit for PRG’s associates and clients.

CBIZ provides professional business services—including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services—to help clients better manage their finances and employees. Employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, HR consulting, and executive recruitment. Services are provided through more than 100 offices in 34 states.

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“By combining PRG’s experienced pension consultants and actuaries, along with their propriety IPASMaster pension software platform, with our growing and nationally recognized CBIZ Retirement Plan Services business we can provide a total retirement solution that will better serve our clients,” Steve Gerard, chairman and chief executive of CBIZ, said in a statement.

The acquisition was effective October 1. Terms of the deal were not disclosed.

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