Is Your Savings Low? You're Not Alone

The good news is that if you haven’t been able to save money, you’re not alone — regardless of your age.

In every age group participating in the poll, at least 50 percent of respondents had less than $1,000 saved, and over a third of those from 25 to 64 had nothing saved at all. Combine that with the responses about why people don’t save more and the survey would appear to point toward a large section of American society that’s struggling to keep up with basic expenses and simply cannot find space in their budget to save money.

That said, there also appears to be a contingent of people having no trouble saving at all. In every age group but one, the percentage of people answering that they had $50,000 or more in savings was larger than the percentage answering anything from $5,000 to $49,999.

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Methodology: This GOBankingRates survey asked 5,002 adults the following six questions: 1) How much money do you have saved in your savings account? 2) What are you primarily saving for? 3) What obstacle(s) are keeping you from saving more money each month? 4) Of the following, which (or who) has proven most helpful for managing your savings? 5) How often do you deposit money in your savings? 6) What would you do or sacrifice if it meant achieving your savings goals? For question No. 2, respondents could choose more than one response. Percentages were rounded to the nearest whole number.