Everybody knows that savings are the backbone of financial security and allow us to support ourselves during emergencies. Yet new data suggests people across the world are finding it increasingly difficult to put a substantial amount of money away, leaving them at risk of falling in to debt and other financial problems.
1 in 5 Americans have less than $100 in savings, while 45% have less than $1,000.
Only 35.7% of Americans have more than $3,000 in savings.
Women are nearly twice as likely to have less that $100 in savings than men.
Men a twice as likely to have more than $10,000 in savings than women.
Millennials have less overall savings than Generation X and the Baby Boomers.
11.33% of Millennials have over $10,000 in savings, compared to 25% of Generation X and 27% of Baby Boomers.
Half of those with a PHD have $10,000 or more in savings.
Over half of those who do not have any qualifications have less that $100 in savings.