Are You Saving Enough? Here's How You Compare

We all know that the smart thing to do is have money put away in  savings in case of an emergency, but time and time again we hear reports  that most people just aren’t doing it. And according to a new poll,  that hasn't changed much.

A survey by Bankrate finds that 21% of Americans aren’t saving any of  their income, which is pretty much the same as last year, while only  25% of folks are saving 25% of their income, which is down 3% from last  year. What's more, 48% of people are saving no more than 10% of their  income, with 25% saving between 1% and 5%.

While those numbers may sound scary, overall, 22% of people say they  feel more comfortable about their savings this year as compared to last,  while only 19% are uncomfortable with the amount they have saved, which  is an 8% decrease from last year.

So, why aren't folks putting more away? Well, expenses are to blame  for most people (38%), with “haven’t gotten around to it” (16%), not  having a good enough job (16%) and debt (13%) all common excuses. Too  many expenses was actually the top excuse for not saving in all age  groups except for those over 72, while Millennials (18-26) and seniors  (63+) are more likely to say they just haven’t gotten around to saving  yet. 

Source: Bankrate

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