Report: Americans are lousy at saving money

By: Michelle Heron Email
By: Michelle Heron Email

HAZARD, Ky. (WYMT) People across the country are coming up short on savings.

“A lot of times, savings takes a back burner when you need to put food on the table,” 1st Trust Bank Associate Vice President Alexandria Abner said.

A report out by found only 24% of Americans have enough savings to cover at least six months in expenses.

The report finds that 27% of Americans don’t have any emergency savings at all, and that number hasn’t budged in three years!

Abner says you never know when emergency medical expenses might pop up.

“Experts recommend that you have six months of savings aside just in the event of an emergency medical expenses or emergency expenses in general,” Abner added.

Even though the Eastern Kentucky region has taken a larger economic decline than compared to the rest of the country, Abner says you can still start saving.

“Setting up an automatic withdraw from your savings to your checking that comes out every time your paycheck comes in, makes that difference seem a lot smaller,” Abner added.

“It starts in the community, we really need to educate our young people better about the importance of saving for their future,” Abner said.

A future that doesn’t live paycheck to paycheck.

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