Despite Americans being more secure in their jobs and more comfortable with their debt since the recession ended, their savings capacity remains weak even among those with highest-income household. Only 46% of those with annual income of $75,000 or above have enough savings to cover six months of expenses.
“People are not making progress. Incomes are stagnating and expenses are high,” said Greg McBride, Bankrate.com’s chief financial analyst. He said that many people are still struggling with payments from the past years and high household costs.
The report also indicates that the segment of the population aged between 30 and 49 are the most likely to have no emergency fund compared with younger people. “That is alarming because those are the people with a house, two cars and a dog but still with no emergency savings. You need emergency savings,” he added.
Wages have become terribly out of whack with costs of living. Unless, of course, like the propagandists employed by our government you discount fuel and food costs and refuse to take into account the true costs of households, especially among married persons with children.
The recession ended? Could’ve fooled me. The economy [i]contracted[/i] by -2.9% for the first quarter of 2014. Some recovery.
All I know is that our income has declined by about 20% over the last 10 years. Sorry, the recession is *not* over.