In a recent article by Quentin Fottrell, MARKETWATCH, Fottrell explains that Americans appear to be lagging when it comes to saving.
A survey revealed that approximately 62 percent of Americans have less than $1,000 in their savings accounts and 21 percent don’t even have a savings account.
Another survey conducted earlier this year found that most Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair.
Respondents said if faced with an emergency, 26 percent said they would raise the money by reducing spending elsewhere, 16 percent said they would borrow from family and/or friends, and 12 percent said they would put the expense on a credit card.
Among those who had savings prior to 2008, 57 percent said they’d used some or all of their savings in the Great Recession.
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