I’m not sure why, but I really love it when I discover new studies on savings and debt.
(Pretty sick, I know.)
Somehow I missed this one — entitled “Who Is Saving?” — which showed up on the Consumer Federation of America’s website back in February:
CFA: Who Is Saving? (pdf)
Using data from the 2007 Survey of Consumer Finances, Catherine Montalto gives us a glimpse into who’s saving, and how much they’re putting aside for emergencies.
I find it interesting (okay, more like terrifying, though certainly NOT shocking) that for families in my income range ($59,600-$98,199), only 32 percent actually save for emergencies. And of the ones who DO have savings or money-market accounts, the median value is only $5,000.
It’s even worse for families in my age group: Of those who have savings accounts, the median balance is just $3,900.
Be sure to check out the PDF above, and see where you stack up!