My Heart Be Still: Millennials and Baby Boomers Are Saving More for Retirement
What I'm about to say probably won't come a surprise to many of you, but Americans, relative to other developed counties, are really poor savers.
According to data from the St. Louis Federal Reserve, the seasonally-adjusted annual rate of personal saving was just 3.8% in June 2017. By comparison, Americans were socking away 11.7% of their earned income exactly 50 years ago in June 1967. This is precisely where most people should be, with financial advisers recommending workers save between 10% and 15% of earned income. Comparatively, developed countries like France and Germany have notably higher personal saving rates.
Image source: Getty Images.
Source: Fool.com
