Americans Feel Financial Security, Despite a Low Savings Rate
The Bankrate Financial Security Index for June hit its third-highest level ever. It showed that while many Americans are feeling a sense of financial security, a low savings rate could still put them in danger on a rainy day.
Bankrate has been publishing a monthly measure of Americans’ sense of financial security since 2011, which includes data on the savings rate of survey respondents, and lately the index has taken off. It has recorded 13 consecutive months of positive feelings from survey respondents regarding their financial security, and all three of the highest readings recorded over the last five years have come in 2015. But June also saw a jump in the proportion of respondents who reported having no savings to cover expenses in the event of an emergency. That’s the opposite of financial security, and the overall savings rate revealed by the survey paints a picture of increasing wealth inequality. Check out this video for my take on the divergent levels of financial security and savings for people in different income brackets.
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To read Bankrate’s Financial Security Index report, click here: