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.
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.