Photo: aka lujones via Flcikr
The number of Americans that are not saving or putting money away for retirement is on the rise, according to the latest Harris Poll.Just 18 months ago, 22 per cent had no personal savings, but now that number is up to 27 per cent. Americans without retirement savings rose from 30 per cent to 34 per cent.
That means people are burning through money just to make it through today.
Other financial behaviour like credit card literacy and investment practices are, as usual, low.
One third of adults under 33 have no savings right now. And when they are saving, they're keeping it in the bank: very few invest in stocks and bonds.
Around 26% of Boomers have no savings. But another 14% have invested their savings mostly in stocks and mutual funds, compared to only 7% of Americans under 33.
Americans are not even keeping up with new credit card reform: 24% never heard of the new overdraft regulations, and 35% heard only a little about it.
Americans are giving up their retirement savings: 34% have no money put away right now, up from 30% six months ago.
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