40% of Americans Have Less Than $500 in Savings
Orlando News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
A LendingTree survey reveals that nearly 40% of Americans have less than $500 in savings, with average balances plummeting in recent years due to inflation, high interest rates, and job market instability. Many are dipping into their savings for essentials, with 13% for food basics and 10% for unexpected expenses. The survey of 2,000 individuals aged 18-80 shows that 29% have less savings than last year, while only 25% have more. Monthly contributions have decreased for many, with 15% saving $25-$49 less, 18% off $50-$99, and 16% down $100-$249. As costs remain high, the financial safety net feels increasingly fragile for many.
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