Page 20 - A Guide To Financial Health (2)
P. 20
Chapter 02: Starved for savings
Americans’ savings account balances simply don’ t reflect how hard they’ ve
been trying. The median household’s end-of-year savings balance was one
third of the total amount deposited throughout the year. Less than 10% of
savings account balances are intended for use beyond three years in the
future. Americans’ savings accounts now resemble checking accounts:
They're used frequently, with multiple deposits and withdrawals each month.
“78% of Americans feel
stress over retiring
comfortably, while 21%
have no retirement
savings at all.”
Source: “Planning & Progress Study 2018,” Northwestern
Mutual Studies & Research, 2018
