Nearly 50% of Americans Have Less Than $500 in Savings

Nearly 50% of Americans Have Less Than $500 in Savings

Nearly 50% of Americans , Have Less Than $500 in Savings.

In Nov.

2023, GoBankingRates surveyed over 1,000 Americans to find out how much money they have in their savings accounts, CNBC reports.

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According to the survey, 29% of respondents had up to $5,000.

21% had over $5,000.

Close to 50% said they had $500 or less.

When it comes to checking accounts, 60% said they had $500 or less.

Only 12% reported having over $2,000.

The findings suggest that many people in America are struggling to live paycheck to paycheck.

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They're also likely unable to build up an emergency fund, which financial planners recommend.

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Inflation and poor savings habits are often to blame, CNBC reports.

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Inflation and poor savings habits are often to blame, CNBC reports.

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The inability of Americans to withstand an emergency costing $500 or even $1,000 can be financially detrimental, with a domino effect on their life, Alex Lozano, financial planner and founder of Lozano Group Wealth Management, via CNBC.

The inability of Americans to withstand an emergency costing $500 or even $1,000 can be financially detrimental, with a domino effect on their life, Alex Lozano, financial planner and founder of Lozano Group Wealth Management, via CNBC