76% of Americans reportedly live paycheck to paycheck
Spending is up but savings is nearly nonexistent
Last Updated: 169 days ago
BAKERSFIELD, Calif. - If you're living paycheck-to-paycheck, a new survey out says you're in good company.
The survey released Monday by Bankrate.com says 76% of Americans don't have enough savings to survive six months without a paycheck.
23ABC sat down with local MoneyWise Guy David Anderson to explain why even though spending is up, savings accounts are nearly nonexistent.
"I see it really every day, most consumers don't even know how much they make let alone have a savings plan at all", Anderson said.
Anderson says this lack of savings could also hurt our country's largest generation, "it can't go on forever, especially with this baby boomer generation that they're entering this next phase of their lives, which is retirement, they don't have enough money to retire on so eventually it's gonna come back to hurt the economy".
The wealth management expert believes there's a simple solution to your dwindling savings account.
"The best thing someone can do is set up a system where they automatically save money debited from their checking account into a savings account automatically every month", Anderson explained.
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