The State Of Savings In America
Entering a new year is a time many begin setting goals for themselves. Time and time again, people start the year saying they are going to save more and spend less, so as 2020 begins, savings is once again top of mind.
While many consumers set this goal, the state of savings in America shows it can be a difficult one to achieve. In fact, Bankrate conducted a survey that found more than one in five employed Americans do not save any money for retirement, emergencies or other financial goals. As MarketWatch explained, “The American consumer loves to consume.”
The Federal Reserve has also repeatedly reported that an unexpected $400 expense would cause many Americans to struggle financially. With the state of savings as it is, it is imperative that consumers gain a better understanding of personal finances. Financial professionals have an opportunity to educate consumers on best practices that will help them save, and one place to start is with an emergency fund.
