PREVIEW

Nearly 50% of Americans Have Less Than $500 in Savings. In Nov. 2023, GoBankingRates surveyed over 1,000 Americans to find out how much money they have in their savings accounts, CNBC reports. According to the survey, 29% of respondents had up to $5,000. 21% had over $5,000. Close to 50% said they had $500 or less. When it comes to checking accounts, 60% said they had $500 or less. Only 12% reported having over $2,000. The findings suggest that many people in America are struggling to live paycheck to paycheck. They're also likely unable to build up an emergency fund, which financial planners recommend. Inflation and poor savings habits are often to blame, CNBC reports. "The inability of Americans to withstand an emergency costing $500 or even $1,000 can be financially detrimental, with a domino effect on their life." Alex Lozano, financial planner and founder of Lozano Group Wealth Management, via CNBC. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT