A new survey reveals more than three-quarters of Americans are living paycheck to paycheck. Bankrate.com’s survey released June 24 said 76% of Americans can’t squirrel any money away. The survey also discovered that more than one-quarter of Americans, 27%, have no savings at all. During the last three years, Americans’ savings rates have remained locked in place.
The study also asserted that 24% of Americans have saved enough for 6 months of expenses, 21% for 3-5 months, 23% for less than three months, and 27% have no savings.
Financial expert Nathan Bachrach said, “I’m not surprised about that at all. The great recession, or whatever you want to call happened in 2008, has had a profound effect on all of us.” He added, ‘Pay yourself first. Make sure the money goes away each month before you get a chance to get your hands on it. I’ll tell you, I’m like everybody else. If I’ve got money in my pocket, it’s probably going to be gone.”