Tags: survey | americans | paycheck

Survey: 40% of American Families Live Paycheck to Paycheck

Friday, 03 Aug 2012 07:34 AM

A new 60-page report from the Consumer Federation of America and the Certified Financial Planner Board of Standards reveals that two in five American households—almost 40 percent—live paycheck to paycheck, with no savings, retirement account or emergency fund, The Fiscal Times reports.

The number of families living this way has increased by 7 percent over the last 15 years, in no small part because of the recession.

Now, only 30 percent of Americans say they feel comfortable financially,
and only one-third think they have enough saved to retire before age 65. In addition, the survey found that 51 percent of Americans feel behind on saving for retirement, a figure that has risen over the last decade and a half.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

Only 31 percent of the 1508 respondents in the study said they had a comprehensive financial plan, while about two-thirds (65 percent) indicated they follow a plan for at least one of their savings goals.

At the same time, the survey shows that those who have prepared a personal financial plan feel more confident and report more success managing money, savings and investments than those who have not.

By a margin of 50 percent to 32 percent, and for all but the lowest income bracket (under $25,000) where few have a comprehensive plan, planners are more likely to feel they are on pace to meet all of their financial goals, such as saving for retirement or for emergencies.

These findings go hand-in-hand with statistics Bankrate.com uncovered last month: Roughly half of Americans don’t have enough savings to cover three months of expenses, and a quarter haven’t saved a single cent.

CBS News reports that, according to the U.S. Department of Commerce, personal income increased by $61.8 billion, or 0.5 percent from May to June, while income after social insurance and income taxes rose 0.3 percent.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.


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