Recent Review of National Savings Rate Shows Scary Statistics
A recent review of the national savings rate for the United States of America uncovered some statistics that did not paint a pretty picture for the country.
In fact, according to the review, savings for both the country as a whole and the people as individuals is near all time lows.
Personal Savings - Dismal The recent review shows that Americans are now saving less than five percent of their personal income.
This may be because of the hard times that the U.
S.
economy is experiencing and it may simply be due to the fact that America seems to have a 'got to have it now' attitude.
Whatever the case may be, the fact remains that there is not enough money being saved towards retirement when it comes to the average person.
Behind the World Curve The individual savings rate is indeed low and when looking at the savings rate as a nation, the U.
S.
still looks bad.
When compared to other countries and their much higher savings rates, thereview findings look downright scary for the United States.
The review cited several countries, including China, that all had savings rates well above ten percent of personal income.
This puts the U.
S.
well behind the world curve.
What You Can Do Now You can do more to personally ensure that your savings are not as low as what the review showed.
Savings sometimes comes down to a matter of personal will power and an attitude of wanting financial independence over gadgets and trinkets that are all the rage today.
So, in order to save more, you may have to show a willingness to sacrifice today in order to enjoy a better tomorrow.
This is not to say that you have to forgo the everyday essentials in life, but you may have to forgo that top of the line cell phone for example.
Being Great Again The most startling statistic that the review of savings reviled is the massive amount that Americans used to save.
According to review numbers, the U.
S.
used to save over 12 percent of personal income not so long ago in 1981.
Now, with the dollar being worth less, Americans are saving over seven percent less.
However, with a little bit of willpower and a lot of 'All American' attitude, the people of the United States do have it in them to be great savers once again.
The only question is, will they wake up and get better or will they stay oblivious to the dismal numbers and continue to get worse?
In fact, according to the review, savings for both the country as a whole and the people as individuals is near all time lows.
Personal Savings - Dismal The recent review shows that Americans are now saving less than five percent of their personal income.
This may be because of the hard times that the U.
S.
economy is experiencing and it may simply be due to the fact that America seems to have a 'got to have it now' attitude.
Whatever the case may be, the fact remains that there is not enough money being saved towards retirement when it comes to the average person.
Behind the World Curve The individual savings rate is indeed low and when looking at the savings rate as a nation, the U.
S.
still looks bad.
When compared to other countries and their much higher savings rates, thereview findings look downright scary for the United States.
The review cited several countries, including China, that all had savings rates well above ten percent of personal income.
This puts the U.
S.
well behind the world curve.
What You Can Do Now You can do more to personally ensure that your savings are not as low as what the review showed.
Savings sometimes comes down to a matter of personal will power and an attitude of wanting financial independence over gadgets and trinkets that are all the rage today.
So, in order to save more, you may have to show a willingness to sacrifice today in order to enjoy a better tomorrow.
This is not to say that you have to forgo the everyday essentials in life, but you may have to forgo that top of the line cell phone for example.
Being Great Again The most startling statistic that the review of savings reviled is the massive amount that Americans used to save.
According to review numbers, the U.
S.
used to save over 12 percent of personal income not so long ago in 1981.
Now, with the dollar being worth less, Americans are saving over seven percent less.
However, with a little bit of willpower and a lot of 'All American' attitude, the people of the United States do have it in them to be great savers once again.
The only question is, will they wake up and get better or will they stay oblivious to the dismal numbers and continue to get worse?
