Chart of the day

Posted: 22 October 2015 in Uncategorized
Tags: , ,

MW-DV816_age_gr_20151005175202_NS

According to a new survey, “Americans are living right on the edge — at least when it comes to financial planning.”

Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account. . .

Some age groups are less likely to have savings than others. Some 31% of Generation X — who are roughly aged 35 to 54 for the purpose of this survey — while being older and presumably more experienced with money than their younger cohorts, actually report a savings account balance of zero, which is the highest percentage of all age groups. Around 29% of millennials — aged 18 to 34 — and 28% of baby boomers — aged 55 to 64 — said they have no money in their savings account. Baby boomers (17%) and seniors aged 65 and up (20%) have the most money saved of any age group while less than 10% of millennials and approximately 16% of Generation X have $10,000 or more saved.

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