Home | Print Page | Sign In | Register
Weekly Industry News
Blog Home All Blogs
Search all posts for:   

 

View all (1864) posts »
 

Your Clients — Savers, Savings & Such

Posted By Administration, Tuesday, January 23, 2018

As most of you know, financial experts say all of us should have at least enough money in savings to take care of our expenses for three to six months. This is an emergency fund that can — in desperate times — keep a person or a family afloat in the event of an unexpected emergency or job loss.

Yes. Yes. Yes. We all know that but how many of us actually have that much money in savings? Not even half. Or so says a GOBankingRates survey. It shows a pathetic 57% of us have less than $1,000 saved.

While that’s awful news, it is better than the 2016 survey that found 69% of us had less than that amount in a savings account. The bad news about the 2017 survey is the number of people with absolutely nothing in the bank has risen on average from 34% to 39%.

Two PIA Western Alliance states — Alaska and New Mexico — are among the 10 with the highest percentage of those with no money at all in a savings account. Sadly, Alaska is number one and New Mexico is sixth.

 

Here are some statistics starting with 2017 — Nationwide

  39% have no savings

  19% have less than $1,000

  12% have $1,000 to $4,999

  6% have $5,000 to $9,999

  25% have $10,000 or more

 

Average % with less than $1,000 — 57% of the nation

 

2017 — Millennials — 18 - 24

  46% have no savings

  21% have less than $1,000

  15% have $1,000 to $4,999

  5% have $5,000 to $9,999

  13% have $10,000 or more

 

2017 — Millennials — 25 to 34

  41% have no savings

  20% have less than $1,000

  13% have $1,000 to $4,999

  6% have $5,000 to $9,999

  20% have $10,000 or more

 

2017 — Young Generation X — 35 to 44

  38% have no savings

  16% have less than $1,000

  12% have $1,000 to $4,999

  6% have $5,000 to $9,999

  28% have $10,000 or more

 

2017 — Older Generation X — 45 to 54

  40% have no savings

  18% have less than $1,000

  12% have $1,000 to $4,999

  6% have $5,000 to $9,999

  25% have $10,000 or more

 

2017 — Baby Boomers — 55 to 64

  33% have no savings

  16% have less than $1,000

  13% have $1,000 to $4,999

  6% have $5,000 to $9,999

  32% have $10,000 or more

 

2017 — Seniors — 65+

  32% have no savings

  14% have less than $1,000

  9% have $1,000 to $4,999

  5% have $5,000 to $9,999

  39% have $10,000 or more

Here’s a look at the savings habits of the nine PIA Western Alliance states:

 

Alaska

  The percentage with $0 saved — 45%

  The percentage with less than $1,000 saved — 58%

The state has the highest number of people in the nation with $0 in savings. The number jumped to 45% from 32% in a year. Part of that is because of two major problems. Alaska has the highest unemployment rate in the nation at 7% and the highest cost of living.

 

Arizona

  The percentage with $0 saved — 43%

  The percentage with less than $1,000 saved — 62%

The number of people in Arizona with nothing saved jumped to 43% from 2016’s number of 34%. The unemployment rate is also quite high compared to the rest of the country. Arizona’s sits at 5.1% and the national average is 4.3%.

 

California

  The percentage with $0 saved — 39%

  The percentage with less than $1,000 saved — 56%

California has a very, very high cost of living which may explain why the number with $0 saved rose to 39% from 33% in 2016. The good news is those with less than $1,000 in savings dropped to 56% from 69%.

 

Idaho

  The percentage with $0 saved — 43%

  The percentage with less than $1,000 saved — 55%

In Idaho the low median income per household of $47,583 probably makes it difficult to save money. Of concern is the number of those with nothing saved going up to 43% from 2016’s figure of 34%.

 

Montana

  The percentage with $0 saved — 37%

  The percentage with less than $1,000 saved — 54%

Montana saw a slight jump in the number with $0 in savings. It rose to 37% from 36% in 2016. That’s not bad when you consider just 54% have less than $1,000 in savings compared to a whopping 69% in 2016.

 

Nevada

  The percentage of residents with $0 saved — 43%

  The percentage with less than $1,000 saved — 62%

A lot of people think the high number of people with nothing saved is because the state is full of gamblers who lose money on slot machines or at gaming tables. That’s not likely considering the state has a median income of $51,847. That’s below the national average. Add to that a cost of living that is a bit higher than the national average and it’s hard to save money in Nevada.

 

New Mexico

  The percentage of residents with $0 saved — 47%

  The percentage with less than $1,000 saved — 64%

Things aren’t going well for New Mexicans. The unemployment rate is 6.3% which is much higher than the 4.3% national average. The median income is also very low compared to the national median. It’s $53,889. That could have combined to cause the $0 saved in 2017 to rise to 47% from 36%.

 

Oregon

  The percentage of residents with $0 saved — 43%

  The percentage with less than $1,000 saved — 56%

Oregon is a state full of non-savers, too. Over half have less than $1,000 saved. The high cost of living and a low median household income — $51,243 — makes it tough for people to save money.

 

Washington

  The percentage with $0 saved — 32%

  The percentage with less than $1,000 saved — 45%

Washington has the lowest number of people with $0 saved in the country. Even better, 35% have $10,000 or more saved. The median income is high as well at $61,062 which means it’s easier for Washingtonians to save money.

 

Source links: MSN Money — link 1, link 2

Tags:  Insurance Industry  Insurance News  Savings & Such  Weekly Industry News  Your Clients — Savers 

Share |
Permalink | Comments (0)
 

A special thank you to our KKlub Members for their support.