Recent finding by the Consumer Federation of America found that nearly 40 % of the households in America live paycheck-to-paycheck with no safety net of savings, emergency funds or retirement accounts to draw on. This number has increased nearly 7 percent in the past 15 years largely due to the current recession.
While less than 40 percent of American workers stated they feel they are financially comfortable, one third believes they’ve saved enough to retire by age 65. The survey also found that over half the working population feels they are behind on saving for retirement. This percentage has also increased over the past 15 years. These report finding go along with Bankrate.com’s statistics that nearly half of the American population don’t have enough money saved to cover at least three months of living expenses, while one-fourth have no savings whatsoever.
While most Americans realize the importance of saving up for emergencies and retirement, a great many are concerned mainly about being able to save any money at all. In just the past few years, more and more workers in American have had to keep a closer eye than ever before in recent history. Many know the feeling of their money being spent before they ever see it. While the 40% figure is indeed high, it is down from a high of 46% in 2008.
Most American workers know that they are not alone in this problem of making ends meet and often having too much month at the end of the money. Ever wonder how you stack up against other savers and spenders around the country? How about a peek into the wallets and piggy banks of other Americans like yourself?
- Nearly 60% of American workers say they’ve cut back on leisure activities since the recession’s beginning.
- Over 55% deemed internet services too important to give up.
- Approximately 44% didn’t give up driving
- Just under 30% kept paying for cable or satellite television programming
- 24 % of the population kept their cell phones turned on.
- Less than 10% of the current workforce is able to save more $1000 per month.
- About 25% don’t save any money at all from their paychecks.
- Employee contributions to 401K and other retirement funds are down 20% just in the past year.
- Fewer than 70% of workers even contribute to a retirement fund.
Here’s another eye opening fact for you- more women are likely to live paycheck to paycheck than men. In fact over 40 % of working women do compared to less than 40% of the male working population.