The Sad and Shocking State of Many American’s Finances

Katie Sweeney

Do you have a savings account? Or do you live paycheck to paycheck? No judgement here: Up until a few years ago, I had no savings and little knowledge of how to deal with personal finances. It looks like I’m not alone because new studies show that Americans are in pretty bad financial shape. Slate is reporting that nearly 50 percent of Americans have no savings whatsoever. That means they have no extra money to pay for an accident or vacation. For those who do have some sort of savings, over 70 percent have less than $1,000 in their account.

The majority of the people are young and don’t even have enough money to fund a brake job for their cars. Plus, there’s a shortage of high-paying jobs and a surplus of eligible employees. For every job opening that pays $15 per hour, seven job seekers will apply to it. In New York alone there are 968,000 job seekers, but only 323,000 total job openings. That’s a lot of people without jobs. Slate does nothing to present a solution to the situation; they are simply listing the sad and shocking facts. Here’s to hoping many people start saving in 2016.

 

To learn how to save money, take the 21-day challenge presented in the book, How to Save Money. You could save up to $500 per month!

Do you have a savings account? Let us know in the comments below!

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