No safety net: 39 percent of American workers have less than a grand to fall back on

Sunday, 23 March 2014 22:18 administrator


Less than $1,000 in Savings

Among the nation's workers aged 25 or older, more than one-third (36 percent) have less than $1,000 in savings—defined as the total value of their household's savings and investments, excluding the value of their primary home and defined-benefit retirement plans. The percentage of workers with almost no savings is growing, according to the 2014 Retirement Confidence Survey. In 2009, only 20 percent of workers had less than $1,000 in savings. By age, here is the percentage of workers with less than $1,000 in savings...

Aged 25 to 34: 43%
Aged 35 to 44: 37%
Aged 45 to 54: 34%
Aged 55-plus: 24%

Source: Employee Benefit Research Institute, 2014 Retirement Confidence Survey

From Demo Memo by Cheryl Russell

Cheryl Russell is a demographer and the editorial director of New Strategist Publications. She is the former editor-in-chief of American Demographics magazine (then located in Ithaca) and The Boomer Report. She is the author of Bet You Didn't Know and other books on demographic trends. She holds a master's degree in sociology/demography from Cornell University.

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Last Updated on Sunday, 23 March 2014 22:22