What Economic Recovery; 62% of Americans Don't Even Have $1000 in Savings
"He who is plenteously provided for from within, needs but little from without." ~ Johann Wolfgang Von Goethe
A key sign of financial health is savings; if one does not have a decent amount of money tucked away for a rainy day, it is a sign that all is not well. Americans have a very hard time sticking to a budget and saving, compared to their Asian counterparts. This is reflected in the startling revelation that over 62% of Americans do not even have $1000 in their savings account. Foreigners are shocked when they find out that Americans have so little money saved for a rainy day.
"It's worrisome that such a large percentage of Americans have so little set aside in a savings account," said Cameron Huddleston, a personal finance expert and columnist for GOBankingRates. "It suggests that they likely don't have cash reserves to cover an emergency and will have to rely on credit, friends, and family, or even their retirement accounts to cover unexpected expenses."
If 62% don't have $1000 or more what will they do if someone misfortune should strike? Hope that some Good Samaritan throws money on their laps. Many Americans are having a hard time but if one examines some of the things the typical American family purchases one will note that there are many items that would fall into the category of non-essential's.
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