June 21, 2018, 12:47:41 PM

Author Topic: 57% of Americans have less than $1000 in savings  (Read 671 times)

Online Cyanea

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57% of Americans have less than $1000 in savings
« on: June 12, 2018, 02:41:19 AM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.
Catch my drift?

Online gogators!

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Re: 57% of Americans have less than $1000 in savings
« Reply #1 on: June 12, 2018, 04:30:41 AM »
That's in their savings accounts only. Who knows how much they have in 401Ks, CDs, IRAs and the like as well as equity in their homes? Especially with savings accounts paying so little.

Clickbait.

Online JNM

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Re: 57% of Americans have less than $1000 in savings
« Reply #2 on: June 12, 2018, 06:26:45 AM »
That's in their savings accounts only. Who knows how much they have in 401Ks, CDs, IRAs and the like as well as equity in their homes? Especially with savings accounts paying so little.

Clickbait.

Those things aren't easily liquefied, so there is some merit to having a few months of expenses worth of savings account.

The point of these articles is to make the reader feel good about being ahead, or at least "not so bad" because they are the same as everyone else.

Online tadpole511

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Re: 57% of Americans have less than $1000 in savings
« Reply #3 on: June 12, 2018, 07:27:17 AM »
Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

Koreans have a culture of saving? Since when? We talk about "keeping up with the Kims" and how everyone will go into massive debt to keep up with fashion and technology so they can keep up appearances. But now Koreans save every won they make?

Truth is Korea is just like everywhere else in the world, including the West. Some people scrimp and save. Some people love to spend money they don't have. It's a mix.

Online sh9wntm

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Re: 57% of Americans have less than $1000 in savings
« Reply #4 on: June 12, 2018, 07:44:10 AM »
And then you consider the average American debt. Granted, a mortgage is a given, but 44.2 million Americans have student loan debt they're paying off that averages at $37,000.

Nearly half of Americans have been carrying credit card debt for two or more years. That averages at $15,983 for people who carry it. That boggles my mind. It seems pretty simple that the average American spends too much on shit they don't need.

If you're $10k in the green in your 20's, I'd say you're probably well above average.

Online Aristocrat

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Re: 57% of Americans have less than $1000 in savings
« Reply #5 on: June 12, 2018, 07:55:57 AM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

BS!

Debt is a major reason for suicide here. Last year, a teacher at one of my schools took her own life, leaving behind a husband and 2 kids as she was rumoured to be struggling with debt. Face (image) is also the main reason people are buying things they can't afford, the average Korean has 5 CREDIT CARDS!
Remember that, traditionally, parents expect their children to take care of them when they're older, unlike the West where everyone is expected to plan for their own retirement, which is why many people have nothing by the time they're 60. The recent generation of old people were in for a shock as they realized many of their children were simply unable or unwilling to take care of them. Why do you think it's mainly old people in poverty?


Offline teacher1988

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Re: 57% of Americans have less than $1000 in savings
« Reply #6 on: June 12, 2018, 08:21:49 AM »
According to this OECD data sheet Korea's got 7.18% vs USA's 5.86% household savings rate back in 2014. Korea was trending upwards and USA was trending downwards.

Depends where you get the data but I remember seeing Korea at ~9% and USA at ~4% a few years ago. China always tops the list at 30+%.

Online metzy244

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Re: 57% of Americans have less than $1000 in savings
« Reply #7 on: June 12, 2018, 08:34:12 AM »
Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

You have no idea what you are talking about.  Every Korean I know has complained about debt, and is constantly having to buy new phones, clothes, cars, etc. 


https://qz.com/943466/south-koreas-new-president-will-have-an-astronomical-level-of-household-debt-to-deal-with/
https://www.bloomberg.com/news/articles/2018-02-22/s-korea-s-household-debt-hits-record-1-3-trillion-in-2017

Offline kengreen

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Re: 57% of Americans have less than $1000 in savings
« Reply #8 on: June 12, 2018, 08:55:03 AM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

Americans got screwed by the globalist agenda. All the factories were moved to Mexico and China. That's why our new president has orange skin--although some would like to blame it on racism.

Offline leaponover

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Re: 57% of Americans have less than $1000 in savings
« Reply #9 on: June 12, 2018, 04:20:24 PM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

BS!

Debt is a major reason for suicide here. Last year, a teacher at one of my schools took her own life, leaving behind a husband and 2 kids as she was rumoured to be struggling with debt. Face (image) is also the main reason people are buying things they can't afford, the average Korean has 5 CREDIT CARDS!
Remember that, traditionally, parents expect their children to take care of them when they're older, unlike the West where everyone is expected to plan for their own retirement, which is why many people have nothing by the time they're 60. The recent generation of old people were in for a shock as they realized many of their children were simply unable or unwilling to take care of them. Why do you think it's mainly old people in poverty?

Do you even know how credit cards work here?  Having 6 credit cards means absolutely nothing....they are nothing like Western or European credit cards.

Online JNM

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Re: 57% of Americans have less than $1000 in savings
« Reply #10 on: June 12, 2018, 06:50:18 PM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

BS!

Debt is a major reason for suicide here. Last year, a teacher at one of my schools took her own life, leaving behind a husband and 2 kids as she was rumoured to be struggling with debt. Face (image) is also the main reason people are buying things they can't afford, the average Korean has 5 CREDIT CARDS!
Remember that, traditionally, parents expect their children to take care of them when they're older, unlike the West where everyone is expected to plan for their own retirement, which is why many people have nothing by the time they're 60. The recent generation of old people were in for a shock as they realized many of their children were simply unable or unwilling to take care of them. Why do you think it's mainly old people in poverty?

Do you even know how credit cards work here?  Having 6 credit cards means absolutely nothing....they are nothing like Western or European credit cards.

They can still load them up with installment payments. They aren't quite as easy to get behind on, but they can still get people in trouble.

Offline ESLTurtle

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Re: 57% of Americans have less than $1000 in savings
« Reply #11 on: June 12, 2018, 06:59:30 PM »
Land of the FREE BOYZZZZZZZZ!  8)

Online Foreverparadise

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Re: 57% of Americans have less than $1000 in savings
« Reply #12 on: June 12, 2018, 09:51:10 PM »
This is what happens when the USA is run by billionaires. The people of the USA don't run the USA.
That is why there is no such thing as the American dream.

Online pkjh

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Re: 57% of Americans have less than $1000 in savings
« Reply #13 on: June 12, 2018, 10:12:09 PM »
Pre-90's Koreans had a savings level of around 30%, like the Chinese. Also, back then unless you were a chaebol, you probably weren't getting a bank loan of any kind. Hence, the reason for the jeonsae system. However, post-1997, one of the conditions of the IMF loan was liberalizing their financial industry, basically make credit easier to access for the general popluation.

If you were here around 2000, you would have seen them practically handing out credit cards on street corners. That is when Koreans started going credit crazy. I believe it was LG Card that was on the verge of bankruptcy, before Shinhan bank decided to take it over.

So yes, historically Korean were good savers, but that was because it was still a 3rd world country, and they really couldn't spend money on non-essentials. Now with all that disposable income, Korea has joined the big boy economies, and living month-to-month.

Online gogators!

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Re: 57% of Americans have less than $1000 in savings
« Reply #14 on: June 12, 2018, 10:20:50 PM »
That's in their savings accounts only. Who knows how much they have in 401Ks, CDs, IRAs and the like as well as equity in their homes? Especially with savings accounts paying so little.

Clickbait.

Those things aren't easily liquefied, so there is some merit to having a few months of expenses worth of savings account.

The point of these articles is to make the reader feel good about being ahead, or at least "not so bad" because they are the same as everyone else.
Or in a money market account. Agree about the feel good aspect as well as the fear sells aspect. Clickbait.

Online gogators!

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Re: 57% of Americans have less than $1000 in savings
« Reply #15 on: June 12, 2018, 10:21:50 PM »
https://www.prnewswire.com/news-releases/57-of-americans-have-less-than-1000-in-savings-300516664.html

The study is a 6 months old but... kinda nice to think that the average ESL teacher has more tucked away than the average American..



Truth is westerners don't have a culture of saving. Unlike Koreans who work their entire lives away and save every won for their kids education, westerners live in the moment and money is there to be enjoyed.

BS!

Debt is a major reason for suicide here. Last year, a teacher at one of my schools took her own life, leaving behind a husband and 2 kids as she was rumoured to be struggling with debt. Face (image) is also the main reason people are buying things they can't afford, the average Korean has 5 CREDIT CARDS!
Remember that, traditionally, parents expect their children to take care of them when they're older, unlike the West where everyone is expected to plan for their own retirement, which is why many people have nothing by the time they're 60. The recent generation of old people were in for a shock as they realized many of their children were simply unable or unwilling to take care of them. Why do you think it's mainly old people in poverty?

Do you even know how credit cards work here?  Having 6 credit cards means absolutely nothing....they are nothing like Western or European credit cards.

They can still load them up with installment payments. They aren't quite as easy to get behind on, but they can still get people in trouble.
And millions of Korans did(are). The government had to set up loan forgiveness programs.

Offline didinicks

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Re: 57% of Americans have less than $1000 in savings
« Reply #16 on: June 13, 2018, 05:51:27 AM »
I'd say that I agree with what the link has to say  :P