A survey conducted last month by Bankrate, found that in addition to the 29 percent of Americans who have no savings, another 21 percent have less than three months worth of expenses saved. Based upon my experience, there are a large percentage of the top 10% of taxpayers in this statistic.
Last May, the Federal Reserves’ own, separate survey of savings in its Report on the Economic Well-Being, found that in 2014, 55 percent of all respondents had less than three months of expenses saved. Surprisingly, this has improved since 2013, when 61 percent of respondents said they had three months or less of expenses saved.
I caution clients on this annually when we meet. We offer assistance with budgets, debt repayment and savings plans.
Call our office for any questions or assistance.