Photo: Flickr / trenttsd
A new study by Bankrate suggests Americans are getting a little better about their savings.In the Financial Security Index survey, 54% of more than 1,000 adults said they have more emergency savings than credit card debt — up two per cent from last year.
Unsurprisingly, people with higher incomes tend to save more, the report found.
That is, 70 per cent of people with incomes of $75,000 or higher said their emergency funds outweigh their credit card debt, compared to just 40 per cent of people who make less than $30,000 per year.
Despite the worsening student loan debt crisis, college grads are faring better than last year. One-third say their net worth is higher than a year ago.
Meanwhile, parents may have it the worst. Three in 10 have more credit card debt than savings, compared to 22 per cent of the childless
Overall, consumers have felt more positive about their financial situations lately.
Only 26 per cent of those younger than 65 are less comfortable with their debt compared to a year ago. With good reason: The average consumer cut his credit card debt by 8 per cent last month.