It’s no surprise that many Americans struggle to save. Between staggering amounts of debt and stagnant jobs and wages, sometimes there just isn’t anything left over to save after paying the bills. Over the next few weeks, we will investigate some of these unsettling statistics and strategies to combat these alarming trends.

26% of Adults have NO SavingsEmpty Pockets

That’s right, more than a quarter of the population claims to have nothing in their savings accounts. About 22% of Americans claim to have less than $100 in their emergency savings fund. As we have talked about in previous blogs, a safe rule of thumb to follow is to maintain a safety net of around 3 months’ worth of expenses in your emergency fund. Unfortunately, only 17% of the population claims to have accomplished this task.

Many Americans, 38 million to be exact, are living paycheck to paycheck. If you fall into this statistic with little to nothing in your savings, what should you do? In some of my previous blogs, I discussed some helpful tips for saving each month. One of the most well-known plans is the 50-30-20 plan. In short, this plan advocates that 50% of income should be used for necessities (rent, utilities, car payments, minimum debt retirement payments), 20% of income should go toward financial goals (additional payments towards principal for debt retirement, saving for retirement, etc.), and the remaining 30% of income can be used towards “wants” (travel, entertainment, dining out, etc.). For more information on this method, check out the original blog posting.

Save MoneyWhich Age Group is Better at Saving?

Not surprisingly, those 55 and older, endearingly referred to as the “Baby Boomers”, are better at saving. They lived through some “tough” times and recessions and learned to save at an approximate rate of 13%. The newer generation of “Millennials” (those adults who are under the age of 35) are the WORST at saving. They manage to save a whopping negative 2%. That’s right, I said NEGATIVE. That means that they aren’t saving ANYTHING. In fact, they’re going more in debt because of mounting financial obligations. Between student debt and the increase in general living expenses coupled with the relatively stagnant wage situation, most Millennials are spending more than they’re saving (or even making in some situations).

The “Buy Now, Pay Later” Mentality is in Full SwingCredit Card

Many Americans have espoused the practice of using credit cards to fund their purchases. While credit cards can be a useful and necessary tool, overuse can lead to serious problems. The balance on the average American’s credit card during 2017 was $6,375. This amount doesn’t seem terrible at first glance, however, considering that many Americans only pay the minimum payment, this amount is quite disconcerting. By only paying the minimum, essentially, only interest is being paid each month. This means that the principle is never decreased. By employing this practice, paying off those credit cards is nearly impossible and will take FOREVER.  According to a report by the Federal Reserve, the total credit card debt for all of America was over $1 trillion dollars. Yes, that was a “T” for TRILLION. This is the highest amount of credit card debt in American history. If more of the same continues, the country will continue to dig itself further into the clutches of credit card debt.

As alarming as these statistics are, they have become the norm. Many people would love to save, but they just don’t know how. In the next couple of weeks, we will delve into more of these disturbing statistics and some helpful ways to combat them so you don’t become one of the “majority”. Make sure to follow our blog so you don’t miss a thing!

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paul-demerritt. “30 Surprising American Savings Statistics.” The Cheat Sheet, 25 Aug. 2017,

Dickler, Jessica. “Seeing Red: Credit Card Balances hit an Average $6,375.” CNBC,CNBC, 23 Jan. 2018,

Lake, Rebecca. “23 Dizzying Average American Savings Statistics.” Credit Donkey,