147 Million Americans Don't Have the Money to Cover an Unexpected Expense
Chances are that you're a terrible saver. Don't hang your head in shame, though, since you're probably in good company.
According to July data from the St. Louis Federal Reserve, the personal saving rate is a meager 3.5%. To put this into another context, working Americans are socking away just $3.50 for every $100 in earned income. Comparatively, the saving rate was more than 12% five decades ago, which is in line with the 10% to 15% of earned income that financial advisors recommend workers save today.
Image source: Getty Images.
Source: Fool.com
