Retirement Planning

A Growing Percentage of Americans Have $0 in Savings

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Americans need some work in the saving money department according to results from GoBankingRates 2017 Survey. 57 percent of people said they have less than $1,000 in a savings account. On the positive side, it’s an decrease from 2016, when 69% said they had less than $1,000 in savings. GoBankingRates also found a growing number of Americans have zilch in their savings accounts. 39 percent of Americans have $0 saved. Here’s a breakdown of how much people have saved based on their ages. In a group categorized as “Young Millennials” — ages 18 to 24 — 46 percent said they had zero dollars in savings, which is a 15 percent increase from 2016. 15 percent said they had between $1,000 to $4,999 — the same as 2016. “Older Millennials” aren’t doing any better, with 41 percent saying they have $0 in savings — up from 33 percent in 2016. The good news is those with $10,000 or more in savings increased by 5 percent to 20 percent. “Young Gen Xers” — those 35 to 44 years of age — had an increase in those with nothing in their savings accounts as well, from 35 percent in 2016 to 38 percent in 2017. But, there was a 12 percent increase in those who had $10,000+ in savings. “Older Gen Xers” — those 45 to 54 years old — saw a similar pattern, 40 percent have $0 in savings, an increase of 3 percent from 2016. Those with $10,000 or more in savings went up 9 percent. Perhaps most alarming, are the findings for Baby Boomers, the group closest to retirement age — 55 to 64 years of age — 33 percent said they had nothing saved for retirement. Seniors appear to the best age group at saving money, with the largest number of respondents at 39 percent saying they have $10,000 or more in a savings account. So the question you’re likely asking yourself now is how can I save more? Financial experts say put away a percentage of every paycheck into savings, but you also might consider enlisting the help of a financial adviser who can help you organize your finances and figure out where you could be saving more.

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