Even More American Families Report Having No Savings At All

family

Photo: flickr via

The percentage of families with no savings increased from 18.5 per cent in 2009 to 23.4 per cent in 2011, according to the University of Michigan.It should come as no surprise considering increasing cost of basics like food and gas, high unemployment, and sky-rocketing medical costs.

“People who were precarious are in even worse shape, while people who are in good shape see the turmoil and decide to save more,” UMich’s Frank Stafford told the New York Times.

Stafford noted one small but positive trend: The number of families who reported having savings higher than $50,000 actually increased by a little less than 3 per cent. 

Now see 7 steps every family should take to prepare for emergencies >

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.