Everybody knows that savings are the backbone of financial security and allow us to support ourselves during emergencies. Yet new data suggests people across the world are finding it increasingly difficult to put a substantial amount of money away, leaving them at risk of falling in to debt and other financial problems.
Bargain Fox recently asked 3560 people how much money they have in their savings account or emergency fund, and 1 in 3 Americans said they had less than $500, while 1 in 3 Brits had less than £100 (comparatively even less). “This might be enough to buffer a few unexpected bills,” says Bargain Fox’s Harsha Kiran, “but anything more catastrophic would result in immediate debt or a budget that would leave them with little to no disposable income.”
1 in 5 Americans have less than $100 in savings, while 45% have less than $1,000.
Only 35.7% of Americans have more than $3,000 in savings.
Women are nearly twice as likely to have less that $100 in savings than men.
Men a twice as likely to have more than $10,000 in savings than women.
Millennials have less overall savings than Generation X and the Baby Boomers.
Half of those with a PHD have $10,000 or more in savings.
Over half of those who do not have any qualifications have less that $100 in savings.
The higher the qualification the more people save on average.
Half of households that have an income of over $100,000, have more than $10,000 in savings.
Half of households with an income of less than $20,000, have less than $100 in savings.
