Survey: 41% Do Not Have at Least $500 in Savings

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Nearly half have no emergency savings, according to a survey

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Close to half are on the edge of financial disaster, says a new survey by credit comparison website The survey of more than 1,000 Americans found that 41% do not even have at least $500 in savings.

These findings reveal that a significant number of Americans have no safety net, explains Charles Tran, founder of “When the unexpected happens – as it always does – people without some savings set aside could find themselves in serious financial trouble, unwanted debt, and sudden stress.”

Consumers should ideally set aside at least three months’ worth of their earnings for emergencies, such as car breakdowns, medical issues, or job loss.

The CreditDonkey survey suggests such an achievement is difficult for many Americans. Among the findings:

  •     54% of respondents do not have an savings strategy in place
  •     45% of respondents are afraid of not being able to ever save much money
  •     38% of respondents are afraid of not having enough money saved for retirement
  •     14% of respondents are afraid of losing money in the stock market

To read the full survey findings, visit polled 1,105 Americans on their savings and debt between September 17 and 25, 2012.

View the guide to compound interest to see if consumers are better off putting aside money now in a savings account or paying down debt.

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Charles Tran
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