62% of Americans have less than $1K in the bank....
And 1-in-4 Americans have zero money in retirement
It seems like every time we get new statistics on how Americans are saving, the numbers just keep getting worse. A study conducted last year by GoBankingRates.com told us that 62% of Americans have less than $1,000 in savings. And in case you don't think that's bad enough, here's another dismal statistic to chew on: According to a study by the Federal Reserve Board, 47% of Americans would not be able to cover a $400 emergency without resorting to borrowing money, or selling off possessions.
It's not just low-income families who are failing to save. According to the Fed study and others like it, many middle-class professionals also have a hard time saving. And in yet another study, almost 25% of households earning between $100,000 and $150,000 a year admitted that they'd have considerable difficulty coming up with $2,000 within a month's time.
Recent data from the Pew Charitable Trusts further drives home the point: Over 50% of households claim they don't have enough savings on hand to cover even a month's worth of lost income.