69% of Americans Have Less Than $1,000 in Savings

Up seven percent from last year, even fewer Americans today have the savings funds needed to protect themselves from a financial emergency

News provided by

GOBankingRates

Sep 19, 2016, 07:15 ET

LOS ANGELES, Sept. 19, 2016 /PRNewswire/ -- When it comes to saving money, Americans have gone from bad to worse, according to the latest GOBankingRates survey.

In 2015, GOBankingRates surveyed more than 5,000 adults and found that 62 percent have less than $1,000 in savings, and 28 percent reported having no savings at all.

Latest GOBankingRates survey finds 69% of Americans have less than $1,000 in savings.

This year, those numbers have jumped – 69 percent have less than $1,000 in savings, and 34 percent have a savings account balance of $0.

For the full 2016 survey details, including insights into age, gender and income, go to: https://www.gobankingrates.com/personal-finance/data-americans-savings/

"What our survey found is extremely shocking because it shows that the majority of Americans are just one emergency expense away from being broke," said Kristen Bonner, lead researcher on the study. "Because there is no way to predict when a financial emergency can arise, it is crucial to make saving money a habit in case the worst happens."

Stand-Out Study Insights:

40% of Americans making $100,000+ a year have less than $1,000 in savings [Tweet this]
Women are more likely than men to have $0 saved – 42% have nothing saved versus 28% [Tweet this]
Millennials aged 25 to 34 are more likely than Gen Xers aged 45-54 to have $1,000 or more in savings [Tweet this]
These 5 Southern states have the highest percentage of residents with $0 in savings: Louisiana, Mississippi, Oklahoma, Georgia and Texas [Tweet this]
62 percent of seniors aged 65 and up have less than $1,000 in savings, with 1 in 3 having no savings account at all [Tweet this]

Is your savings account balance on par with residents in your state?

See a state-by-state comparison, here:
https://www.gobankingrates.com/personal-finance/americans-savings-state/

Methodology: This GOBankingRates.com survey posed the question, "How much money do you have saved in your savings account?" to 7,052 people among all 50 states and Washington, DC. Responses were collected through a Google Consumer Survey conducted from Aug. 1, 2016 to Aug. 9, 2016, and responses are representative of the U.S. online population. The survey has a 2.6 percent margin of error.

About GOBankingRates
GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips for saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider, and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey towards a rich mind and full wallet with us here.

Contact:

Katie Johnston, Media Relations
GOBankingRates.com
[email protected]
310-297-9233 x116

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SOURCE GOBankingRates