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I am going to share with you what I believe are some very alarming financial statistics. Perhaps you will look at them in gratitude, knowing that you are in good financial shape. If not, hopefully they will serve as motivation to take the steps necessary to reposition yourself financially.
Take a look at these numbers, which paint a somewhat bleak picture of the financial state of affairs in America today.
- 39% of Americans have enough savings to cover a $1,000 emergency. 1
- 45% of working age households have no retirement account assets. 2
- The median retirement account balance is $2,500 for all working-age households. 2
- The median retirement account balance is $14,500 for near-retirement households. 2
- 62% of working households age 55-64 have retirement savings less than one times their annual income. 2
The reality is that we as a nation are not doing a good job at saving. In generations prior, savings was emphasized, but we seem to have lost that drive.
Perhaps you have heard the saying, “people don’t plan to fail… they fail to plan.” I am fairly confident that no one who does not have any emergency – or retirement – savings set out to be in that position. The problem is that they did not plan to not be in that position. The good news is that you can start with a plan TODAY.
I am participating in America Saves Week campaign, which is an initiative of the Consumer Federation of America, with a goal of encouraging and inspiring Americans to save. Even better, one of our lucky readers will have the opportunity to win $100 simply by taking the America Saves Pledge. In addition, you can also enter to win up to $750 by telling your savings story and sharing it via social media. What better way to start your savings plan than by winning money? Click here to take the pledge and learn about the contest.
If this has inspired you to take a step towards a saving plan, I’d love to hear about it. Feel free to email me or simply comment below.
Stay Tuned for the next America Saves Week post where I will discuss how to automate your savings, whether it’s an emergency fund or retirement savings.