More Than 40% Of Americans Have Less Than $500 In Savings Survey Says

A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings.

Jill Michal, president and CEO of the United Way of Greater Philadelphia and Southern New Jersey, reacts to the lack of liquid assets.

“It doesn’t shock me, but it does scare me. You know, we often say that the reason so many people fall off the edge in a tough economy is that they’re standing way too close to it, and I think this is a perfect demonstration of that.”

This problem is amplified by the econonomy, but it is a problem that has always existed in this country due to a lack of personal financial education.

We learn reading, writing and arithmetic… it’s about how to handle money (for many a dirty word).

The survey found that 54% of respondents don’t have a savings plan in place.

Could this really be accurate, more than half the people in this country have no savings plan.

What is even sadder is:

45% are afraid they’ll never be able to save….

To me it says that people have given up hope, not only of the “American Dream”, but of a decent life for themselves and there family.

As long as you are still breathing there is hope.

Hope for change, hope for the future, hope for a better life.

Two Things Can Be Done:

Reduce Debt And/Or Increase Income

For debt reduction honesty is critical….look at any thing that is not a necessity eliminate it.

To increase income, you need to get another job, sell things or find other ways to bring in money.

These are the basics of what needs to be done, you made need professional help, debt counseling. The point is if you want to change your situation there is a way, you just need to seek it out and take action.

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