Andrew Soergel, an economy reporter at US News Money discloses a recent savings study that discovered ‘Almost half of Americans aren’t saving nearly enough.’
“The study, which surveyed 1,000 adults living in the continental U.S. earlier in March, found that 18 percent of the U.S. was saving virtually nothing from year to year. Another 28 percent was building savings but hoarding less than 5 percent of annual incomes.
And even those who are saving that 5 percent aren’t doing nearly enough, says Greg McBride, a chief financial analyst at Bankrate.com”
Those in the middle-income bracket, between $50,000-$74,999 came out to be the most active savers of the bunch. 35% of middle income participants disclosed that they save more than 10% of their annual income.
Ultimately savings enables you for opportunities and on the other spectrum, gives you a cushion for unforeseen circumstances. Knowing that you have money tucked away should give you reassurance and make you sleep easier at night.
Learn more about why you need to save more in the full article.
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