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50% Of Americans Have Less Than One Month’s Income In Savings
How bad are things in the American economy? Well pretty bad if the latest insights into the financial status of Americans by GreatPlainsLending.com is anything to go by.
According to their study, around 42% of Americans live pay check to pay check and almost 50% of the people leaving college can’t find a job. Pretty grim statistics but it gets worse. Aside from the 8 million or so people that are presently out of work, more than 50% of the people that are working don’t have more than a month’s income in savings. If they lost their jobs tomorrow, they’d be proverbially screwed.
Gone are the days when Americans were Huber confident about retiring; now more than 27% of people say they are not at all confident about retiring and many worry that they’ll have to continue on working well into their late sixties and early 70s. Overall the number of people who say they’ve put something away for retirement is down. 68% of people reported some type of saving as opposed to the 78% that reported retirement planning back in 2009.
At every end of the scale things are looking bad. College graduates are no better off coming out of college with a degree than a people coming out of prison with a record. My how times have changed?
The elections this year in America will be fought along the lines of the economy. Whoever wins, there will be hard choices ahead.