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-- tonight household savings.
Stagnant wages increasing expenses prolonged unemployment it all can explain why more than one in four Americans have nothing saved in case of an emergency.
That's according to a new Bankrate survey but what -- Americans at risk to.
Greg McBride is vice president president and senior financial analyst for Bankrate dot com great great to see -- was always.
He -- -- survey every year and you say that it's worse this year and that was a bit of a surprise you know the economy has had some improvement.
The economy has had some improvement but this environment of stagnant wages steadily increasing household expenses.
His only crimping people's ability -- and that's when the economy -- staffers here stripping your ability to -- -- And as a result either that prolonged unemployment has lot of people that they may one time had an adequate cushion.
They no longer just we actually saw big increase in debt or notable increase in the number of people that.
Have no savings at all and you don't nearly half of Americans don't even have enough to cover three months expenses much less the recommending -- -- six month.
It's great and six months forget about a half a year you say that well -- are Americans are doing better.
They're doing better -- counterparts to have lower levels of income that's the good news bad news is.
Fewer than half of them have -- adequate savings cushion of at least six months expenses so the bottom line is.
Everybody's got more work to do on this when the matter how you slice it by income or education.
Right one in four have saved nothing at all you know when you slice and -- system for example -- you look at retirees.
There's an interesting findings air for example 41%.
Have enough to cover at least six months of expenses 26 -- these -- people who should have savings by now okay to expert at 6% have less than that 18% have nine.
What does that tell you.
If those numbers are actually better than younger demographics and because of the fact that they've had decades to accumulate that question people here figures like.
Six months savings are you kidding -- might as well does go climb Everest.
But the fact is it's a destination not a starting point you gotta get in the habit of saving and what you can do that over time you can build up that needed cushion that's why we see.
Those that are over fifty and much better condition than their younger counterparts even if they too are quite where they need to -- It's interesting Merrill Lynch I wanna bring the story up to you visit came out today that -- would have uninteresting insight Maryland's find for overcharging customers.
They're gonna have to pay out to customers they failed to disclose some pretty important stuff and they fined about some fees of people were getting.
What should people be doing if they're worried tonight about their money management.
I think this goes beyond just financial services I mean this is that this is the reason why you check your credit report to check your bank statements.
You check every statement that you get in the mail because you need to make sure that the deal you signed up for is the deal you're actually getting how many times have we all found that.
Our credit card got charged twice for the same purchase or we got double charged on something at the supermarket he'd its just -- why we have to be on our toes as consumers.
You do have to be on your -- will Greg thank you for that fascinating study -- everybody's talking about it.