.Why Don’t Americans Save?
Why Don’t Americans Save?
From Get Rich Slowly By J.D. Roth — updated on 07 November 2018
A new report from the Center for Financial Services Innovation says that only 28% of Americans are financially healthy. And it reinforces something we already knew: The U.S. saving rate sucks. Americans don't save.
The U.S. Financial Health Pulse divides people into three tiers of financial health.
Financially healthy people (28% of the U.S., 70 million people) are “spending saving, borrowing, and planning in a way that will allow them to be resilient and pursue opportunities over time.”
Financially coping people (55%, 138 million) are “struggling with some, but not necessarily all, aspects of their financial lives.”
Financially vulnerable people (17%, 42 million) are “struggling with all, or nearly all, aspects of their financial lives.”
Financial Health Of Americans
The full report is huge — it's an 80-page PDF! — and filled with data based on survey responses from 5000 people. The document does a great job of presenting the info, separating it into four major sections (spend, save, borrow, plan), then comparing how people in each financial health tier differ in their approaches.
Here, for instance, are the results for the survey question about saving rate:
Saving rate among Americans
In the nearly thirteen years I've been writing Get Rich Slowly, I've seen reports like this over and over and over again. It's a constant refrain: American's don't save. But why don't they save?
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