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Forbes Advisor
Forbes Advisor
Money advice, news and reviews from a name you trust. Navigating your financial decisions starts here.
Published Jun 5, 2024
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A Note From Patricia:
Hello and welcome to Forbes Advisor’s Weekly Brief, where each week we dive into the realities of consumer finance and empower you with knowledge to help make your financial journey easier.
The rising cost of living, high interest rates and other financial challenges have made it increasingly difficult to save money. More than a quarter of Americans (28%) have less than $1,000 in savings, according to a new Forbes Advisor survey. With persistently high inflation, it is more important than ever to have a financial safety net.
From our partner: One of the most important things you can save for is your retirement. Robinhood Gold’s high-yield account and investment features—including up to a 3% IRA match and access to margin—can help you make the most of your money. Learn more about how to get started.
In this week’s brief, we’ll discuss why Americans are having difficulty putting money away, as well as offer a few tips to help you boost your savings.
Sincerely,
Patricia Louis
Editor, Forbes Advisor
One In Four Americans Have Savings Below $1,000. Here’s How To Make The Most Of Your Savings.
Many Americans are struggling to make ends meet, let alone boost their savings, in the face of high inflation.
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Personal savings as a percentage of disposable personal income was just 3.6% in April 2024, compared to 4.1% a year earlier, according to the Bureau of Economic Analysis, illustrating how difficult it is for Americans to save.
Nearly half of respondents in a Forbes Advisor survey anticipated only being able to save either the same amount of money, or less, this year as the year before. Most respondents pointed to the rising cost of living as the predominant obstacle to saving more.
Not having a financial safety net can be disastrous in the event of unexpected expenses. Fortunately, the majority of respondents (59%) said they would use savings to cover a cost that exceeded their budget. However, that’s cold comfort to the many Americans who have less than $1,000 at hand.
If your savings account is lacking, consider employing the following strategies:
For more surprising statistics on how much Americans are saving and some helpful tips on how to make the most of your money, read more here.
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Forbes Advisor’s Weekly Brief
Forbes Advisor’s Weekly Brief
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