The very sad state of American savings accounts in one chart

The Difference Between Not Saving Enough and Not Saving at All

Sixty-two percent of Americans have less than $1,000 in a savings account.

Just 29 percent have a savings account balance of over $1,000, and another 28 percent admit they have no savings at all, according to a survey of 5,006 Americans.

One in five people simply do not have a savings account, but of the ones who do, the most common balance exceeds $10,000, at 14 percent, followed by 5 percent who have saved between $5,000 and $9,999, 9.9 percent who have saved $1,000 to $4,999, and 13 percent who have less than $1,000 in savings.

Women are more likely than men to save a smaller amount of money, selecting the answers "less than $1,000″ or "just the minimum balance requirement" more often than their male counterparts. Similar numbers of men and women report savings balances of $1,000 up to $9,999, but nearly 60 percent more men than women report a savings balance over $10,000 (16.4 percent to 10.4 percent, respectively).

The post The Very Sad State Of American Savings Accounts In One Chart appeared first on Vocativ.

More from Vocativ:
There's Now A Genetic Test For Homosexuality (Sort Of)
Animal Buddies: Why Zoos Pair Big Cats With Dogs
Here Are 30 Billion Reasons Why Bleached Coral Reefs Matter

Read Full Story

Can't get enough personal finance tips?

Sign up for Finance Report by AOL and get everything from consumer news to money tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.