Financial Intelligence – Does it Exist?

I saw the results of this survey and am just utterly shocked at the results.  So many people have no financial cushion, spending virtually all of their take home pay.  I know it’s easy to get caught up in getting the new smartphone as soon as it comes out, getting the larger flat screen TV, getting a new car every four years, etc.  Almost half of people making between $100,000 and $149,000 had less than $1,000 in savings!!!

Personal-finance news website GoBankingRates asked 7,052 people how much they had in their savings accounts.

By Sean Dowling, Buzz60

Upon closer inspection, 34% of Americans have nothing in their savings account.

Lower-income adults struggle with saving money more than middle and upper-income individuals, but no income group did all that well.

Even those making bank!

For instance, 44% of those making between 100 and $149,000 had less than $1,000 in savings.

Given the recommendation for Americans to have six months in expenses saved up in case of an emergency like a medical expense or losing a job, the survey results are particularly worrisome.

savings survey savings-survey-post

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