Americans Have Burned Through Their Savings

[somarco]

A new poll for Newsweek showed that more than a fifth of Americans are without any savings, with another fifth saying that they have less than $1,000 in their bank accounts, a signal of how precarious some voters feel about their financial situation even as the U.S. economy has withstood the shocks of a high interest rate environment.

Asked "how much money do you personally hold in personal savings accounts," 22 percent answered "I don't have any savings" while another 20 percent said they had less than $1,000. Other answers revealed that 15 percent had between $1,000 to $5,000, 10 percent with savings of $5,000 to $10,000, 13 percent boasted $10,000 to $20,000 of cash in their bank accounts while 20 percent had more than $20,000.

In a sign of how precarious the economic situation was for some Americans, 23 percent of those surveyed said they only had a "few days" of savings left to finance their basic costs of living, the poll showed. The survey by Redfield & Wilton Strategies for Newsweek was carried out on January 18 with a sample size of 1,500 eligible voters in the U.S.

Americans have burned through their savings

A fifth of Americans say they are without any savings, according to a poll by Redfield & Wilton Strategies for Newsweek.

www.newsweek.com

 

[annon123]

A new poll for Newsweek showed that more than a fifth of Americans are without any savings, with another fifth saying that they have less than $1,000 in their bank accounts, a signal of how precarious some voters feel about their financial situation even as the U.S. economy has withstood the shocks of a high interest rate environment.

Asked "how much money do you personally hold in personal savings accounts," 22 percent answered "I don't have any savings" while another 20 percent said they had less than $1,000. Other answers revealed that 15 percent had between $1,000 to $5,000, 10 percent with savings of $5,000 to $10,000, 13 percent boasted $10,000 to $20,000 of cash in their bank accounts while 20 percent had more than $20,000.

In a sign of how precarious the economic situation was for some Americans, 23 percent of those surveyed said they only had a "few days" of savings left to finance their basic costs of living, the poll showed. The survey by Redfield & Wilton Strategies for Newsweek was carried out on January 18 with a sample size of 1,500 eligible voters in the U.S.

Americans have burned through their savings

A fifth of Americans say they are without any savings, according to a poll by Redfield & Wilton Strategies for Newsweek.

www.newsweek.com

And if they live in states that didn't expand medicaid, are under 65 and would otherwise qualify atheir lives are even more precarious. Or can't afford ACA premiums. Actually I'd include in that group the people who have medicare, enough medical conditions that MA is too expensive due to MOOP, yet make too much to qualify for medicaid. Several studies I have read documented that people who miss being dual eligible through 200%-400% of the poverty line (depending on the study and what they included in the study) have the most trouble paying for medical expenses and other living expenses if they have much in the way of medical issues.