Is this shocking: 45% of Americans have less than $25k in savings

[cheezus]

edit:typo

The title of that thread threw me.

[WI_DEM]

1. No Surprise

I wish I had $5000 in savings!!

[qb]

2. Not shocking, when companies are allowed to irresponsibly hand out

as much credit as they want to, and then are handed a sweetheart bill that cracks down on bankruptcies. Also not shocking under an administration that suggests shopping as a solution to terrorism.

[Red State Rebel]

4. Did the change in bankruptcy laws actually pass?

[qb]

11. I thought so, but I'm not positive.

[sinkingfeeling]

3. Not shocking, but if you think it's hard to save for your future

retirement, just wait. Remember Bushco wants you to also have a special savings account to cover your health care as well. Think you can handle 3 full-time jobs?

[Nay]

19. And don't forget, you will be saving to put your kids thru school,

keep your elderly parents off the streets, support your kids when their jobs are outsourced, etc. etc., In other words, you're screwed, while the big guys walk away with the money they should have paid you all these years.

[RobertSeattle]

5. Got Link?

Is this 45% of all americans?
45% of all adults?
45% of all families?

What exactly is the definition of "savings"?

[bryant69]

6. Good question

It is not surprising to me, but I would like to know where the information is coming from.

Bryant
Check it out --> http://politicalcomment.blogspot.com

[supernova]

7. Nope, there is little incentive to save

in our culture. You get very little return on your money if you do manage to put back a little. Regular savings accounts at banks are little more than holding pens.

We have a consumerist culture that encourages everybody to spend! spend! SPEND!, have multiple credit cards, buy more house than you can afford.

People who save are viewed as dowdy too old-fashioned, not hip or with it.

It really is a radical notion to live beneath your means today.

[napi21]

12. Interesting "radical to live beneath your means" comment.

My son has a decent job, for now, and most of the people he works with asked why he was living in a house that was only worth $135,000. He was living beneath his means!

He's certainly not wealthy, and makes $70,000 a year, but believes in not having large credit card debt, and loan payments that would demand bankruptcy if he lost his job. He works for an airline and we all know how unstable those jobs are right now.

It must be a culture thing.

[supernova]

13. Good for your son!

He's a smart guy! :D He'll come out well ahead of his peers over time. :thumbsup:

[Zookeeper]

17. Absolutely...

People out here in the 'burbs tend to think that your house and your car reflect your income. That you wouldn't drive an old (paid off) car if you could afford a new one. That you would buy a McMansion if you could, even if you didn't need the space.

[LynzM]

8. Not at all.

Especially with so many people with no health care, no jobs... I personally know a ton of people who live check-to-check, with no savings at all. Considering that tons of people make less than $25/year, it's hard to think about having that much money just 'sitting around', ya know? I'd love to have any money in savings, at the moment... maybe next year!

[Tandalayo_Scheisskopf]

9. Savings are a sub-class of wealth.

Or so the story goes. Wealth is now the exclusive baileywick of the chosen, those kissed by the soft, soft lips of manifest Destiny.

Or so the story goes.

Welcome to the early days of The New Dark Ages. Mind the plagues, please.

[skippysmom]

10. Nope

With consumer debt at an all time high, plus stagnant wages and an affordable housing crisis -- I'm shocked that 55% of Americans have more than $25K.

[pnb]

14. Any more info?

Regarding what your statement actually means? What does it refer to specifically?

No person can make a rational response to this without knowing that info.

[supernova]

15. Read this thread

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x1352065

[Lydia Leftcoast]

16. I'm not at all surprised

given all the people who are struggling along on low-wage jobs in high-cost areas.

One might intend to save money, but then, oops! here come some doctor bills, and the car needs repairs and the kids have grown out of their clothes...

[CPschem]

18. i have $0 savings.

I have a prestigious (for a young person)job at a DC nonprofit- but it pays like a nonprofit. i hate living paycheck to paycheck.