"Despite a low unemployment rate and increasing wage growth, Americans still aren't saving much. That's according to a new survey from Bankrate.com, which found that 20 percent of Americans don't save any of their annual income at all and even those who do save aren't putting away a lot.
Only 16 percent of survey respondents say that they save more than 15 percent of what they make, which is what experts generally recommend. A quarter of respondents report saving between 6 and 10 percent of their income and 21 percent say they sock away 5 percent or less.
At this rate, many people could be setting themselves up to fall short in retirement, Bankrate warns.
"With a steady, significant share of the working population saving nothing or relatively little, it's virtually guaranteed that they'll be unable to afford a modest emergency expense or finance retirement," says Mark Hamrick, senior economic analyst at Bankrate."
https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html
Only 16 percent of survey respondents say that they save more than 15 percent of what they make, which is what experts generally recommend. A quarter of respondents report saving between 6 and 10 percent of their income and 21 percent say they sock away 5 percent or less.
At this rate, many people could be setting themselves up to fall short in retirement, Bankrate warns.
"With a steady, significant share of the working population saving nothing or relatively little, it's virtually guaranteed that they'll be unable to afford a modest emergency expense or finance retirement," says Mark Hamrick, senior economic analyst at Bankrate."
https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html