Wednesday, June 26, 2013

How Much Do Americans Have in Savings?

A new survey by Bankrate.com is out and looks at Americans savings.  The results are not pretty.
Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
State and federal leaders should keep these stark facts in mind as they advance policies through their respective bodies.  One easy litmus test for all financial proposals should be: does this proposal make it easier for more Americans to save?