Per CNBC
53% of Americans don't have emergency savings, with 1/4 of them only having $5,000
4/12/2023
A recent survey of 4,336 respondents who were 18 and above and resided in the United States found that over half had no emergency funds. Specifically, a quarter of them had less than $5,000 saved.
This was according to the CNBC Your Money Financial Confidence Survey, in partnership with Momentive, which aimed to determine where Americans were financially.
The survey also found that over half of the participants lived paycheck to paycheck. This even included people that earned a six-figure salary.
40% of the participants said they have less than $10,000 in savings. 70% of participants said that they were stressed about their personal finances.
Financial planners usually recommend having three to six months' worth of expenses should an emergency happen.
59% of participants attribute inflation as the top reason for their stress. 36% said they would need to earn $100,000 annually to feel financially comfortable.
As for debt, 44% of them said they had credit card debt, 37% said they had auto loans, 33% said they had mortgages, 22% said they had medical expenses, and 20% said they had personal loans.
Recently, it was reported that the retirement savings of Gen Z (people born from 1997 to 2012) were at an average of $33,000. It's important to note that not all Gen Z were of working age, as only some of them were not yet 21.
The group with the highest savings was found to be Baby Boomers, those born from 1946 to 1964, who had a median of $162,000 in retirement savings.
It was recently found that 70% of parents were helping their adult children, people aged 18 and up, by sacrificing their own savings. While most people expected that adults aged 21 and up pay for their own credit card bills, car insurance, and cellphone bills, they said that it was okay to ask for help for housing, health insurance, and student loans.
See flow at unusualwhales.com/flow.
Other News:
- Gen Z retirement savings average just $33,000
- 70% of parents are helping their adult children (18 and up) by sacrificing savings
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