1. More Savings Data

    In a bit of survey data that goes hand-in-hand with my “Who Is Saving?” post from a few weeks ago, the Employee Benefit Research Institute earlier this year released its 2010 version of the Retirement Confidence Survey:

    EBRI: 2010 Retirement Confidence Survey

    Among its more-distressing findings:

    • 27% of workers report having $1,000 or less in savings
    • 54% of workers report a total household value of savings and investments (excl. primary home and any defined-benefit plans) to be less than $25,000

    There’s a nice summary of the survey findings in the March 2010 EBRI Issue Brief (pdf).

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  2. 14 Responses to "More Savings Data" ...

    1. On June 7, 2010 @ 9:49 pm,
      Accounting Leads wrote:

      This just shows how bad the US is at saving money. We have had a negative savings rate for many years. Looks like things are getting better as of late, but it will hard to change our ways.



    2. On June 15, 2010 @ 9:46 pm,
      Chandler AZ CPA wrote:

      We all know that the US has one of the lowest savings rates compared to other industrialized nations. This is gradually changing as the savings rate has crept up in recent months.



    3. On June 27, 2010 @ 10:28 am,
      Real Estate Bird Dog wrote:

      This should not be surprising to anyone. Although we are going a long way to improve the savings rate in the country, it will certainly take awhile.



    4. On June 28, 2010 @ 9:56 pm,
      LI wrote:

      Good news is that the savings rate is improving. I think that people are just scared, and too worried to spend money. Maybe this is good news.



    5. On July 24, 2010 @ 5:01 pm,
      DC wrote:

      The good news is that the savings rate is improving. We may not get to the point where it compares to many of the other industrialized nations, but at least it’s a start.



    6. On August 2, 2010 @ 10:40 pm,
      Land Investment wrote:

      As Americans, we are not that great at saving money. Never have been…never will be. We just need to improve ever so slightly.



    7. On August 7, 2010 @ 10:11 am,
      Hollywood FL Tax Help wrote:

      Of course we don’t save enough…is anybody surprised by this?



    8. On August 23, 2010 @ 7:39 pm,
      RETT wrote:

      Looks like this is getting better, but don’t hold your breath. The US has just been weak at saving money.



    9. On September 8, 2010 @ 9:52 pm,
      AZ Life Insurance wrote:

      Americans…save money? When has this ever happened?



    10. On September 15, 2010 @ 10:47 pm,
      Vernon Hills CPA wrote:

      Seems the savings rate is getting better these days. This is good news for Americans.



    11. On October 29, 2010 @ 10:58 pm,
      Schaumburg IL CPA wrote:

      I don’t think it’s getting any better. We seem to be sinking further into debt, and I’m not sure how we get out. Just takes time I guess.



    12. On November 5, 2010 @ 10:40 pm,
      Chic ILCPA wrote:

      We are only seeing savings increases because people are not paying their mortgages and putting the money in the bank.



    13. On November 7, 2010 @ 9:14 pm,
      Roger wrote:

      I think that people are filing BK and then clearing all their credit card debt. Then they are stashing cash because they don’t trust the economy.



    14. On November 14, 2010 @ 11:34 am,
      Ronnie wrote:

      Yes, people are stashing the money away because they are not paying their mortgages. It’s as simple as that.



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