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.