Monday, July 04, 2005

Lack of Emergency Savings



No, we as Americans just don't save money (outside of retirement accounts and such). But I really didn't think it'd be this bad. Really.

Despite the seemingly high regard for savings accounts among most of those polled, a large number of Americans find themselves financially unprepared in the case of extended job loss or disability: 2-in-5 (41%) of those polled said they do not have an emergency fund of any type. Of those who do have an emergency fund, 31% would be completely "tapped out" within three months of a financial crisis.

Experian: "Consumer Sentiment Rebounds in June"

— Posted by Michael @ 1:22 PM








4 Comments:
 

Amazing isn't it?
People have more credit card debt than emergency savings....

Money and Investing

 

Double amazing.
With emergency savings, I literally sleep better, are less stressed, and feel healthier. Why don't people get it?

 

How many people or what percentage of general people through out the world make a planned savings ? I hope and strongly believe the figure is dismal.Yes spending may have no limit.

 

as a "newly enlightened" saver I can tell you that it's pretty easy to rack up debt and not have savings. Especially if you have not been taught to save from an early age. Some of us have to go through some hard lessons and learn it ourselves.

I'm glad you folks are saving and sleeping better for it...but I think most folks rack up debt because they feel they don't have enough and I know it's paradoxical, but sometimes it can be really difficult to "pay yourself first"

It may feel easy to you...and you may marvel how others don't "get it" but the credit card industry is huge and wealthy and marketing is very powerful...folks don't always (usually?) make the decisions that have the highest financial benefit so this really should be no surprise.

Sad, but no surprise. shrug.

** Comments Closed on this Post **

Thoughts on my personal finances, goals, experiences, motivations, and accomplishments (or lack thereof).

My financial life began turning around when I took responsibility for it.
— Dave Ramsey


100%

Start (2005-12): ~$21,900
Currently: $0
[About Our Debt Paydown]

100%

Savings Goal: $15,000
Currently: ~$15,115
[About Our Liquid Savings Goal]