“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account”

Most Americans have less than $1,000 in savings, 1 in 5 have none – survey

Published time: 8 Oct, 2015 15:36

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Two out of three Americans have $1,000 or less in their savings account, if they have one at all, a new survey shows. While young people tend to be broke, older Americans and those in higher income brackets are more likely to have substantial savings.

The sobering numbers come from the Google Consumer Survey commissioned by GoBankingRates, conducted in September from a representative sample of 5,006 respondents.
“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance columnist for GoBankingRates. “They likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends and family, or even their retirement accounts to cover unexpected expenses.”