Worrying about money is the worst.
Actually, I take that back. The worrying that occurs right after you foolishly diagnose yourself with brain cancer on WebMD is the worst, but running out of money is a close second.
Death by disease = First.
Money = Second.
How am I going to pay for the deadly disease I just diagnosed myself with = Third.
We all need money to survive. That’s the way it goes. And new data from a Google Consumer Survey of 5,000 Americans, on behalf of GOBankingRates.com, suggests that surviving is just about all most people in our country can do. Of the 5,ooo people surveyed, 21% claim to not have any kind of savings account whatsoever, while another 28% of people have one but with $0 in it.
“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” said Cameron Huddleston, a personal finance expert and columnist for GOBankingRates. “It suggests that they likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends, and family, or even their retirement accounts to cover unexpected expenses.”
Take a look at the findings yourdamnself.
File This Under: “Kinda Concerning?”
Granted, a survey of 5,000 people certainly isn’t enough to accurately represent the entire population, but you have to assume that the variance in either direction probably isn’t that great. Also, it is uncertain whether or not this data includes home equity, retirement accounts or other personal assets, but the fact that 71% of Americans have less than $1,000 in their savings account is a bit unsettling.
There’s one more graph from the data that I want to share. Simply because it might be the most fucking “Well, DUH” graph ever put on the Internet. Feast your eyes on the data below which is showing us “Savings Balances by Income.”
Holy shit. So wait. WAIT. You’re telling me people who make more money are saving more than people who make jack shit? Color me fucking stupefied.
[H/T Death And Taxes]