>>69152841
Why are (62% of) Americans incapable of saving money?

low paying wages and high cost of living in cities

takes 120 hours at minimum wage to live in a shitty one-bedroom apartment in my city

Most Americans fall for the consumerism meme though,

>>69153446
buying overpriced junk food on a credit card might be one of the reasons

>>69152841
>borrow money
>buy shit
>repeat until bankruptcy or dead
it's a way to deal with the system lad

>le minimum wage is a living wage
>you are guaranteed the right to live on your own as a middle class American while having no skills

>>69152841
article appears to be a bit misleading. it says people have no cash savings but doesn't say anything about other investments.
for example later in the article it says "...and even their retirement accounts" implying that at least some of the people have stocks and shares, or pension funds, or whatever americans invest in for their retirements

a cash reserve for emergencies is pretty important but isn't the whole story

I just put everything in my checking account

Savings account?
Why would you keep your money in a bank account instead of investing in something that doesn't get eaten up by inflation, maybe even turn some profit?

>>69160826
having 2-3 months' salary in instant access cash is generally regarded as a good idea

of course you lose a bit because of the gap between interest on cash and inflation but everybody should have this amount before even thinking about investing in shares etc.

it cost $50 to get a days worth of groceries, no surprise as us dollar has lost over 80% of its value.

>>69161184
Wouldn't that be a current account rather than a savings account though

>>69161481

That's one problem with this article, it doesn't really explain what it defines as a "savings" account. I have a savings account that I keep 2 months worth of rent in and almost all of the rest of my money is in stocks/retirement. It does mention people taking money out of retirement funds, so I guess it doesn't count those as "savings," which is perfectly fine but not otherwise noted.

>>69161481
my cash savings account is with the same bank as my current account and allows instant transfer between the two.