American's in 2017 were saving just 2.5% on average. In other words as a whole, American adults were not even saving enough to cover inflation. This got me thinking, why can't I save money?
The stats are scary when it comes to the average American adults saving rate. With adults only saving at a rate of 2.5%, there has to be a reason we are not saving more.
Like many things that have changed from the 1970s, 80's and even the '90s, the rate at which Americans are now saving is extremely low.
According to a recent Go Banking Rates survey, 69% of working-class adults do not have $1,000 in a savings account.
Money was seemingly harder to come by for some people 50 years ago and for that reason, it was a bit more challenging to let it slip through your fingers.
According to CNBC Money, here is how much you should have saved by age: By age 35: Have twice your annual salary saved By age 40: Have three times your annual salary saved