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A recent Bankrate survey found that it doesn’t matter how much you make – most of us are just terrible at saving.
55 percent of the 1,003 people they surveyed said an emergency fund was more important than paying off a credit card balance. That doesn’t tell us how many have those, or in what amount, but it’s a slim majority. 24 percent said they had more debt than savings, and 16 percent said they have no savings.
Those who make more are slightly better at saving. Two-thirds of those making $75,000 a year or more have more savings than credit debt, but just two-fifths of those making under $30,000 a year do. The latter group is much less likely to have the credit score to get a card, or to have much to put into savings.
Men are slightly better savers or better liars; 60 percent said they had more savings than credit card debt, while 49 percent of women did.
But even wealth and a high score don’t mean you’re good at managing money. The story mentions a guy with $400,000 in credit debt, who was complaining because he couldn’t fuel up his jet with a credit card until he paid down his balance. Sounds like a nice problem to have.
Ready to tackle debt and learn to save? Hit the links below and we’ll teach you.