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.

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