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Most Americans have less than $1,000 in savings, 1 in 5 have none – survey

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empty-poket

62% of Americans Have Under $1,000 in Savings

Two out of three Americans have $1,000 or less in their savings account, if they have one at all, a new survey shows. While young people tend to be broke, older Americans and those in higher income brackets are more likely to have substantial savings.

The sobering numbers come from the Google Consumer Survey commissioned by GoBankingRates, conducted in September from a representative sample of 5,006 respondents.

“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,” says Cameron Huddleston, a personal finance columnist for GoBankingRates. “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.”


Generation X – those aged between 35 and 54 – was most likely to have no savings, at 31 percent, while 29 percent of Millennials (18-34) and 28 percent of Baby Boomers (55-64) said they had no savings account, or that it had run dry.

On the other hand, 16 percent of Generation X, 17 percent of Boomers and 20 percent of seniors 65 and up reported having more than $10,000 squirreled away. There is also a correlation between earnings and savings, as wealthier Americans keep more money in savings accounts. The survey found people earning $75,000 and above more likely to have over $1,000 in their savings, while those in the $100,000-plus bracket reported savings of at least $10,000 more often than other brackets.

The number of Americans with meager or nonexistent savings – 62 percent – appears to have stayed the same since the February survey by Bankrate.com. According to that poll, a quarter of Americans were “teetering on the edge of financial disaster,” with their credit card debt equal or greater than their emergency savings.

A SunTrust Bank survey in March found that nearly one-third of the households earning $75,000 a year or more live paycheck-to-paycheck, as the cost of living rose while wages remained stagnant.

The low savings rate can be partly explained by the fact that 57 percent of those who had savings prior to 2008 had to use some or all of it to weather the Great Recession, according to a 2014 Federal Reserve survey. Another reason, however, is that putting money in a savings account right now is a net loss.

With an interest rate of 1 percent or so on savings, money market accounts and certificates of deposit (CD), yields on savings have been “basically non-existent” since 2010, financial blogger Ben Carlson wrote in July. While the nominal return on 90-day Treasury bills has been around 0.3 percent, Carlson pointed out that the savers actually lost 1.6 percent after adjusting for inflation.

He made Turkish intellectuals think of Armenian Cause: Hrant Dink would turn 60 today

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hrant-dink-60Chief Editor of the Agos monthly, the only Armenian-Turkish periodical published in Turkey, Hrant Dink would turn 60 today.

In an interview with Tert.am, Chief Editor of the Turkey-based Marmara daily Rober Hattechyan said that Hrant Dink was able to get the Armenian Cause put on the Turkish agenda. By speaking of the Armenian Cause bravely on numerous occasions, he made Turkish intellectuals start thinking of the Armenian Cause, whereas they had not had their own stance on the issue before.

“I think that was Hrant Dink’s greatest service. And during that period he made both friends and enemies, who were concerned over his speeches. That was actually the cause of his tragic fate. Dink used to make quite interesting statements, and I can frankly say that I did not agree with all of his conceptions. But sometimes he would prepare such materials – no one else would ever think of – that I would have been happy to write further articles about that in my newspaper.”

Mr Hattechyan recalls Hrank Dink’s statements that had the greatest impact on him.

“Once he said: ‘Yes, we have our eyes set on the Turkish land – not to capture it, but to lie under it.’ That was a rather symbolic word, and I should say that our wish is not only to lie under, but also to live a happy life in this land. We want justice, but Dink’s word had a different meaning, and it evoked wide response. And now many newspapers writing about him have to quote his words because they had a great impact on public opinion in Turkey.”

As to whether any Turkish intellectuals are continuing Hrank Dink’s cause, Mr Hattechyan said that some Armenian young people can continue Dink’s cause in Turkey with zeal.

On the other hand, Tiran Loqmagozyan, who once worked for the Agos, told Tert.am that he does not see any person in Turkey who could be a second Hrant Dink.

“The problem is that many people are making use of Hrant’s name, even people espousing fascist ideologies are making use of his thoughts. I am speaking of both Armenians and Turks. But I think they do not have even little in common with Hrant,” he said.

As regards Hrant Dink’s impact on the public opinion in Turkey Mr Loqmagozyan said that he did not have any serious impact on Turkey’s 70-million-strong population. However, he did have serious impact on certain circles, making them change their opinion on the Armenian Cause.

“He changed something with his death. That is, things progressed more rapidly. But if he lived on, he would have been able to get something changed for a longer period. I would like to note that Hrant Dink did not speak of Armenians’ problems alone. As a humanist, he spoke of Turks’ problems as well. By means of his newspaper he would defend the rights of the afflicted. He was a straightforward person. He did not think of what he was saying and where and thus made enemies in certain circles. On the other hand, he made many friends.”

Mr Loqmagozyan noted that many other people spoke of the problems existing in Turkey as well. However, Hrant Dink was an Armenian, and his voice was better heard.

“No Armenian had been so outspoken since the Armenian Genocide. He thought that he could speak out because he was saying the truth. He thought Turkey was changing, but, unfortunately, we have seen nothing is changing. He was an Armenian and a citizen of Turkey and he wanted Turkey to become a democratic country, where both Turks and Armenians would live a good life. He was always focused on the Armenian Cause and used to speak of that.”

One of Hrant Dink’s most important thoughts was:

“This is Genocide, even if, back in 1915, you had transported Armenians by gold airplanes. You cut the people off its roots.”
source: tert.am