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Americans + Saving Money = Gobs Of Wishful Thinking

Monday, June 10, 2013 - 9:35 AM
This is not good news...

"51% of U.S. consumers say they don’t have $1,000 in readily-accessible savings. 41% say they don’t have even have $500. People want to save more, but they need help."

Americans + Saving Money = Gobs of Wishful Thinking | The Financial Brand: Marketing Insights for Banks & Credit Unions
10
ShorebreakShorebreak2,376 posts since
Apr 6, 2010
Rep Points: 12,691
1. Monday, June 10, 2013 - 10:50 AM
"CreditDonkey.com polled 1,105 U.S. adults back in September of 2012 and found Americans have contradicting attitudes and perceptions about personal savings."

It is a poll of a very small sampling space (1,105 adults) that is not sufficicent to constitute a meaningful statistics. 

Nevertheless, it is an alarming and sad result.  People spend their earnings as if there is no tomorrow.  And most treat their credit card line as their own money to be used freely.

We should educate the general public the importance of frugal living under budget as well as savings for multi-purposes, housing, education, and retirement. 

Well, the Government (with huge national debt) really have not set up a good example for the U.S. citizens to follow. 
3
51hh51hh1,462 posts since
Jan 16, 2010
Rep Points: 6,352
2. Monday, June 10, 2013 - 4:45 PM
I should certainly hope that there was something wrong with the sampling. The quoted percentages are appalling. So I sincerely hope that this is just a "junk poll."

The government has done more than just set a bad example in my opinion. It has actively rewarded the financially irresponsible at the expense of the financially responsible. Maybe it was just a "knee-jerk" response to a crisis that required swallowing hard the moral hazard of it. But, then maybe I'm paranoid, I can't help but think that there's a less honorable motive: a political agenda that actively wants to make increasing numbers of the American people increasingly dependent on the government. A people who lose self-reliance, and who instead look to the government to take care of them, will be bound 'hand and foot' to government, as surely as if they were actually in chains. Dependency, simply put, is antithetical to freedom. If too many people live too close to the fiscal precipice, we will soon become an America that our founding fathers would never recognize.
5
WilWil242 posts since
Feb 26, 2010
Rep Points: 1,281
3. Monday, June 10, 2013 - 5:20 PM
On this subject, recently I was in an out of town bank to get another CD and for some  reason I just asked the young lady who was helping me if she was trying to save for her future.  Her response was startling.  She said she had no savings and she was terrified of trying to save because she had no idea where she would put it to make any money.  She looked at the CD I was buying which was just giving me a little more than 2% and said "how can I save any money with these low rates?"  I told her we had been fortunate to live in an era which paid us good CD rates and I could understand her fear for saving nowadays.  I also told her saving and even getting just 2% was better than not saving at all.  She was young and maybe things would get better for interest and at least she would have some funds saved to put in a higher CD.  She said she never looked at it like that but maybe I was right but at this point it all scared her so much for her future.

I felt so sorry for this young woman and all of our young people who probably feel just like her.  "Why bother saving at these rates" seems to be their mantra.   My mantra is "Bother so that you will have something to put into a CD when rates finally do go up".  What sad times these are for our young.
7
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,104
4. Monday, June 10, 2013 - 5:51 PM
Desperate times call for despearate measures if one has nothing left to save after paying bills. That's where the state steps-in with their lotteries to enable the people who can least afford it the opportunity to score the big retirement pot of gold.
9
ShorebreakShorebreak2,376 posts since
Apr 6, 2010
Rep Points: 12,691
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