How Much do Americans Save?
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This infographic from BillShrink.com displays the average savings accounts of typical Americans. It begins by shoing the median household income, minus taxes, plus tax returns, which equals about $40,500 per year. The average American spends 94% of their disposable income, leading only $2,400 to be saved each year by this “average American,” but only 41% actually put that money into savings. That said, 43% of Americans spend more than they earn, leaving them in debt. When compared to the rest of the world, Americans save far less, with China saving 30% of their income on average.
After displaying this staggering data, the infographic goes into a list of reasons by Americans can’t save money. These reasons include the following:
- Lifestyle maintenace
- Instant gratification
- Credit cards don’t feel like real money
- Avoiding the truth about their bank account
- Keeping up with the Jones’
For anyone who has a problem saving, this infographic could be eye opening. If we as Americans could come to terms with the 5 reasons it’s hard to save, we could likely overcome these and start saving more.
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