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3 Out Of 4 Americans Don’t Have Sufficient Savings

June 26, 2012 by  

3 Out Of 4 Americans Don’t Have Sufficient Savings
Americans are having a tough time saving money.

A new survey conducted by shows that only 25 percent of Americans have saved six months of expenses. And 28 percent have no savings at all.

The data reveal the dire reality for many underemployed and unemployed Americans.

“Incomes are largely stagnant, so it’s difficult for people to make significant headway on savings when household expenses are creeping higher but incomes are not,” said Greg McBride, senior financial analyst for “Prolonged unemployment has also depleted the savings of many people who at one time had a more appropriate cushion.”

The survey concluded that nearly 50 percent of people did not have three months of savings. Some people may use this figure as proof of an improving economy — six years ago, 61 percent did not have three months of savings. But the reality is that Americans were wealthier in 2006.

The discrepancy is likely due to the fact that, six years ago, people were more confident in their earning potential. Plus, analysts note that savings accounts were lower in 2006 because people viewed their house as an investment.

Bryan Nash

Staff writer Bryan Nash has devoted much of his life to searching for the truth behind the lies that the masses never question. He is currently pursuing a Master's of Divinity and is the author of The Messiah's Misfits, Things Unseen and The Backpack Guide to Surviving the University. He has also been a regular contributor to the magazine Biblical Insights.

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  • Doc Sarvis

    Actually, the discrepancy is likely due to the fact that more and more of the wealth in this country is being concentrated in the top 1%. This top tier of the wealthy are, despite the trickle down speak, not creating jobs here in America but shipping jobs overseas.

    • http://PersonalLibertyAlerts Gary Katocs

      Doctor Sarvis??.Dr of what..spin??Perhaps you know physics..well..things don’t trickle up..Last time I asked a homeless person for a job I got a blank stare..Small business is the engine of our economy..and these people are by no means the 1%..who by the way are slowly leaving these shores..and positioning their wealth elsewhere because of our regressive tax policy..@35% we have the highest Corp rate in the world..I’d send jobs overseas too..GE Jeff Immelt (sic) is Obozo’z jobs “czar”..why did GE pay NO TAXES?..why is GE money overseas?..Why are so many of their jobs overseas?..And this is Barokes jobs czar??..even @35% Corp find what’s the answer raise it to 50%??..Get real you Jackass..cut the taxes cut the spending and get your Socialist Commie ass outa here..

      • Doc Sarvis

        President Obama wants to cut the corporate tax rate!

      • Vigilant

        “President Obama wants to cut the corporate tax rate!”

        …and increase the personal income tax rates!

        …and increase the capital gains tax rate!

        …and kill the middle class with exhorbitant increases in costs of Obamacare!

        Sarvis, you’re delusional if you believe this drunken sailor we have as president will decrease ANY costs/taxes to the middle class.

      • http://comcast the fisherman

        I feel sorry for those that are losing everything . We have to thank
        congress for helping us get there. And if we are not there yet MR and his fat cats will gladly so you the way

    • TIME

      Dear Doc S,

      No, again your not quite as well informed as you think you are, its just now – what was left of the true “WEALTH” has been shipped out of what ever we are, its not a country, its more of a People Farm and has been since the 1930′s. As in we are the Products!
      That being said the vast amount of REAL wealth was long gone to the very Elite Banker’s long before many here were even born.
      JFTR – these people you keep noted like a broken record – have been the same “TOP 1% forever,” {as in nothing at all has ever changed.}
      So whats new?

      Jobs, hell there are no jobs – go to NYC or LA and look at the mass amounts of people all looking about for work – with zero luck.
      Its really quite telling that even in the ” Service Industry” There are NO jobs. We were just on Long Island NY and went to one of our all time fav spots on the North Shore, there were 5 tables including us, this place just a few years ago you could’nt get a seat with out a Reservation countless weeks in advance at this time of year.

      Americans have done this all to themselves – WE all wanted cheeper products, to make up for the standard of living that was started on its downward spiral years ago as in when the first silver coin was made with a copper center, and just when was that again?

      Peace and Love

      • Doc Sarvis

        The top 1% MAY be the same set of folks it always has been. The factor that has multiplied recently (greatly in the last decade) is the Amount of our country’s wealth that 1% covets.

      • TIME

        Dear Doc,

        The vast amount of them don’t LIVE in the 50 states, But – they do live in places like LONDON or the French Country side.

        The core of the Eliets that do live here are empowered by what most of the sheep call CONgress / the board of Directors who rob / rape and pillage the sheep daily / weekly / monthly / yearly as the sheep sit back in thier own waste matter and let these Criminals do as they wish.
        Yet the sheep Still thinking that they have a special PRIVILAGE – Voting in the Big Cult of Personality Poll.
        Who has the better looking DOG, the one with the straight teeth, and nice looking suit, or the one with the look of Wisdom?

        All the while the sheep thinking that if they vote in the “BIG POLE” to see what the “OMEN” will bring for the next four years, {will it be the – Good Cop or the Bad Cop} but yet still thinking – that the outcome will make it all better if our team wins.

        You would think after what 150 years it would sink in, that they are being used, well I guess not as the post daily display what Monkeys do when the Nanna’s don’t show up on time, they piss and toss crap.

        Welcome to the Political Spin Thearter. Would you like a $10,000 seat of the $40,000 seat?
        Or will you be staying in to watch the Monkeys on the Tube tell you
        what to do?

        Peace and Love

    • Vigilant

      The complexities of US savings rates are more profound than either Brian Nash or Sarvis would have you believe. An excellent article can be found at

      A few of the factors unconsidered by either of the two are such things as:

      (1) There is a difference between savings and investments. Current interest rates on savings accounts are so low that there’s no incentive to park your money in a bank where inflation will actually reduce your holdings over time.

      (2) The public’s perceptions on spending have changed radically over time, from an era in the 1950s where you didn’t purchase something until you saved for it, to an explosion of credit purchasing (starting in 2001) or buy now, pay later.

      (3) Savings rates have historically suffered during good times, not bad. High rates were indicative of a lack of consumer confidence in the economy, while low rates generally indicated the “feel good” flush times.

      (4) “Access to credit has been significantly pared back in the United States since the beginning of the recession in December of 2007.” (from linked article). Lower savings may be a reflection of people being forced to pay as they go rather than putting off the pain until later.

      Sarvis, your myopia and anti-Capitalism comment merely indicate that your agenda blinds you to objective consideration of all factors involved.

    • GALT
  • Viet Nam Vet 67-68


    • Doc Sarvis


      • soldier

        uhhhhh, in any number of the OBAMA re-election ads on any major network?

      • Doc Sarvis

        I’ve heard multiple political adds recently and not one mentions the Bush years.

  • Viet Nam Vet 67-68


  • sabulaman

    Aren’t you dummies paying attention? The private sector is doing fine. People should be saving momey. There should be no reason for savings to go down. Now the public sector workers, that’s another story.

    • soldier

      “Aren’t you dummies paying attention? The private sector is doing fine.”

      This was so 100% idiotic, that I almost imediately blacked out from histarical blindness and went into shock due to the outright falseness and stupidity of this statement.

      • Jazzabelle

        soldier, I think you missed the sarcasm.

  • http://PersonalLibertyDigest Sharon Taylor

    Why is it that nobody remembers JFK signing the bill taxing the interest on Savings? There’s no incentive to save when “Big Brother” demands his “fair share”. The more the Government taxes, the less we have to show for it because, despite the promises that the new money will be used for existing needs, that new money is viewed as being available for a new program. WAKE UP AMERICA!!!!! Take the trash out of OUR house in November.

    • Deerinwater

      Federal Taxes are quit reasonable today actually ~ while I will admit the tax structure hits the middle working class the hardest. The middle subsidizes discounts for the wealthy and the poor alike as there is more of us to carry the load. While I understand it is the wealthy that pays largest gross dollar amount in taxes.

      The tax structure today was put in place by George Bush and it is still in effect.

      So on a Federal level Sharon, I’m not sure what to think of your posting.

      Too much programming and mud slinging and too little facts.

      I serious question if MR will offer the middle class Americans any relief in Federal taxes. While he might make it easier for you be foreclosed on.

  • Been There, Not There now

    When in 2000, before Bush, then a year or two after W got in savings accounts getting4 and 5 percent for one year, suddenly got $.50 cents to $.60 cents. So go figure in 200 4 or 5 persnet for a 1 year cd to $.50 cents to $.60 cents., for one year. Eventually 12 years later a 1 year cd is getting $.15 to $.30 cents. That is why savings are down.


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