New Survey Shows Americans Are Saving Less Than Their Parents Did
June 10, 2011 1:29 PM Fun fact for you as the economy is still recovering: according to a new survey, most Americans are saving much less than their parents did. Awesome news right?
According to Financial-Planning.com, the current personal savings rate averages a meager 3.5 percent of total income over the past decade, which is way, way down from the 9.6 percent recorded in 1981.
One of reasons this is happening, is that 30 years ago, savings accounts actually paid a decent rate of interest. These days, you’re lucky to get at least two percent.
The poor return on savings, along with the fact that it has been so easy to get credit, has motivated young people to spend more and save less.
Read the full survey results from Financial-Planning.com.
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