USA Today reports that 7 out of 10 Americans have less than $1,000 in savings to their name.
“Last year, GoBankingRates surveyed more than 5,000 Americans only to uncover that 62% of them had less than $1,000 in savings. Last month GoBankingRates again posed the question to Americans of how much they had in their savings account, only this time it asked 7,052 people. The result? Nearly seven in 10 Americans (69%) had less than $1,000 in their savings account.
Breaking the survey data down a bit further, we find that 34% of Americans don’t have a dime in their savings account, while another 35% have less than $1,000. Of the remaining survey-takers, 11% have between $1,000 and $4,999, 4% have between $5,000 and $9,999, and 15% have more than $10,000.”
As the Fed pointed out in a recent survey, 47% of Americans can’t raise $400 in an emergency without selling something.
For all the garbage espoused by the White House about the fastest rates of falling poverty and rising median incomes (2015 vs 2014) these numbers on a lack of savings point to the real underlying difficulties faced by voters. They’re still destitute.