Most Americans have less than $1,000 in savings

US is a consumption driven economy hence low savings rate.

@TaiShang @AndrewJin

Shotgunner51 said:

US is a consumption driven economy hence low savings rate.

@TaiShang @AndrewJin

Click to expand...

U.S. is really consumption-driven unlike some self-claimed consumption-driven economy.

Although the second biggest market, China's percentage of consumption is too small compared to U.S.
@Shotgunner51 This is a sad truth.

Keep in mind interest rates in banks are basically zero (as in 0.01%)
You are better off investing that money ANYWHERE other than a savings account. Even Certificates of Deposits are useless (as in 1.0%) but a way better deal than savings accounts.

I think many are also paying down the principal on their home mortgage early. I'd say the average homeowner has a 4.5% mortgage..if you have extra money you'd be inclined to toss it at that instead of having it sitting in a 0% savings account.

Edit: Now that I think about it I have less than $1000 in my savings account. My bank account money is in my checking account through direct deposit and it isn't even worth the hassle of transferring it to the companion savings.
Hmm I'll move the money over.

lol