More than half of Americans have less than $1,000 in savings

Sixty-two percent of Americans have less than 1,000 in their savings accounts and 21 percent don’t even have a savings account.

Do you have a savings account?
Do you have a savings account? –Flickr / Pictures of Money

How much is in your savings account?

According to a Google Consumer Survey, chances are, not more than $1,000.

Sixty-two percent of Americans have less than 1,000 in their savings accounts and 21 percent don’t even have a savings account, according to the survey, which was conducted for the personal finance website GOBankingRates.com.

“It’s worrisome that such a large percentage of Americans have so little set aside in a savings account,’’ said Cameron Huddleston, a personal finance expert for GOBankingrates.com. “It suggests that they likely don’t have cash reserves to cover an emergency and will have to rely on credit, friends, and family, or even their retirement accounts to cover unexpected expenses.’’

A survey conducted by Bankrate.com earlier this year revealed that 62 percent of Americans have no emergency savings.

Read more at marketwatch.com.

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