A new survey suggests that nearly 7 in 10 Americans have only $1,000 or less in their savings accounts. GoBanking asked 7,000 people around the country how much money they had set aside in savings accounts for the future, and found that 34 percent of them have absolutely nothing set aside.
A small portion of the respondents, 15 percent, have $10,000 or more in their savings accounts, while a further 4 percent have between $5,000 and $10,000. GoBanking said that people living beyond their means is one likely reason for the downward trend in savings.
The rise of cashless payment options has made it easier than ever to spend money, resulting in more people splashing their cash electronically without giving it a second thought.
Source: Forbes.com
