62%, or roughly 202,000,000 people have under $1000 in savings. Extremely worrisome if you ask me.

62% of Americans Have Under $1,000 in Savings, Survey Finds

Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

I was about to say the same thing. We put a couple hundred a month in a savings account for our annual vacation, so depending on the time of year, there might be <$1,000 in it, but that isn't our "savings".

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

I was understanding it as savings in general, not just a traditional bank savings account.

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

So if you needed cash you are not liquid enough for that?

(10-09-2015 09:22 AM)South Carolina Duke Wrote:  

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

So if you needed cash you are not liquid enough for that?

I also keep most of my funds in longer term retirement accounts, etc. but keep some liquid in case of emergencies.

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

I agree with this. There is no purpose to a run of the mill savings account and the sub 1% interest they accrue.. Those low interest rates really dissuade saving.

(10-09-2015 09:28 AM)Bull_In_Exile Wrote:  

(10-09-2015 08:53 AM)HeartOfDixie Wrote:  Is it just referring to an actual commercial savings account?

I don't find this that odd if it is.

Hell, I keep nothing in my day-to-day bank's savings account. Why would I?

I agree with this. There is no purpose to a run of the mill savings account and the sub 1% interest they accrue.. Those low interest rates really dissuade saving.

Completely agree; however, to my understanding, the less than $1000 is based on total savings, not just savings in a liquid checking/savings account.

Who actually keeps money in a 0.10% savings account? I have $5 in mine, only because they make you open one when you open a rewards checking account with my credit union.

Does this news make me a 38%ter?

(10-09-2015 09:30 AM)VA49er Wrote:  Completely agree; however, to my understanding, the less than $1000 is based on total savings, not just savings in a liquid checking/savings account.

That would make more sense, but then the 62% would be so utterly shocking that I don't think I'd believe it.

(10-09-2015 09:32 AM)Kronke Wrote:  

(10-09-2015 09:30 AM)VA49er Wrote:  Completely agree; however, to my understanding, the less than $1000 is based on total savings, not just savings in a liquid checking/savings account.

That would make more sense, but then the 62% would be so utterly shocking that I don't think I'd believe it.

That's kind of why I created the thread.

(10-09-2015 09:33 AM)VA49er Wrote:  

(10-09-2015 09:32 AM)Kronke Wrote:  

(10-09-2015 09:30 AM)VA49er Wrote:  Completely agree; however, to my understanding, the less than $1000 is based on total savings, not just savings in a liquid checking/savings account.

That would make more sense, but then the 62% would be so utterly shocking that I don't think I'd believe it.

That's kind of why I created the thread.

LOL

The fact that there is a choice for "only the min. requirement" makes me think they are talking about a specified savings account, because I (as well as many others I'd imagine) would fall into that category. Most credit unions do that. They'll pay 2-3% on their checking accounts where you have to make 10-15 transactions/month, but for some reason, they make you open a 0.10% savings account, as well.

There is no "only the min. requirement" when you are talking about saving in general.

It clearly says "Saving Account".

Personally, I think it's deliberately misleading to give certain people fake outrage.

(10-09-2015 09:35 AM)Fitbud Wrote:  It clearly says "Saving Account".

Personally, I think it's deliberately misleading to give certain people fake outrage.

Actually, it says, "savings accounts", which could be interpreted as any type of savings account seeing as they probably didn't want to get into a long list of various savings instruments. Then again, you could be correct.

(10-09-2015 09:35 AM)Fitbud Wrote:  It clearly says "Saving Account".

Personally, I think it's deliberately misleading to give certain people fake outrage.

Perhaps, but I've seen other polls when they aren't talking specifically about savings accounts, and the numbers aren't much better.

(10-09-2015 09:36 AM)VA49er Wrote:  

(10-09-2015 09:35 AM)Fitbud Wrote:  It clearly says "Saving Account".

Personally, I think it's deliberately misleading to give certain people fake outrage.

Actually, it says, "savings accounts", which could be interpreted as any type of savings account seeing as they probably didn't want to get into a long list of various savings instruments. Then again, you could be correct.

No it doesn't. Look at the graph. It says "How much money do you have in your savings account."

I have read and heard several times that the average American doesn't "have" $250.00 if they needed it. Without having to take a cash advance out from a Credit Card.

So that coincides with the OP.

I guess by some of your thought processes , you claim your home that still has 17 years on the mortgage yet to be paid as part of your "net worth"?

The only true asset is something that puts money in your pocket. By that definition, very few Americans are in that situation.

Yeah...why would anyone keep a bunch of money is a savings account making pennies. I'm actually surprised the number's not higher.