These findings come in support of another recent study by WalletHub’s, which reported that Americans had stacked around $92.2 billion in credit card debt, due to which outstanding balances crossed $1 trillion for the first time ever. The study was based on data released by the Federal Reserve.
In fact, the rate at which Americans are saving money is said to be at the slowest pace in a decade. The total personal savings rate in 2017 was just 2.4%, much lower than 10.4% in 1960, according to data from the Commerce Department.
The rate at which Americans are saving money is said to be at the slowest pace in a decade.
In a similar report earlier, GoBankingRates found that about 42% of Americans had set aside less than $10,000 as their retirement savings. Also, Bankrate had previously noted that millennials comprised a major chunk of the financially vulnerable community, as the adults were more or less seen serious about saving for retirement as well as emergencies.