X% of Americans Don't Have $1,000! (Shocking Stat)

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.6 • 2.8K Ratings

🗓️ 26 February 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A shocking amount of Americans don’t have $1,000 in savings. In this Q&A, we’ll discuss the latest data, how that number has changed over the years, and different ways you can beef up your savings.

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Transcript

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0:00.0	It's the stat you've been waiting for what percentage of Americans can come up with a thousand dollars.
0:14.0	I am excited because I think this is something that we can change.
0:18.4	I think in this little engine that could of the Money guy show I think that we can slowly
0:23.4	start to chip away at this and actually improve upon this number to make
0:27.8	Americans better with their finances. Well I like giving everybody a little peek behind the curtain.
0:34.0	About late January, because it varies, to first week in February I start asking the
0:40.2	content team.
0:41.2	Pounding.
0:42.2	Pounding. I'm like, hey, I'm like, um, hounding, you said not pounding, hounding.
0:47.0	I'm always like, what, guys, it's Bankrate got their new percentage out.
0:50.8	I want to know, because you can pretty much set your clock
0:53.1	it's going to be somewhere close to 60% of Americans but it does vary. Yep.
0:58.0	Every year and if you want proof that we've been tracking this for a while
1:02.0	Daniel has created this awesome slide. Don't proof that we've been tracking this for a while.
1:02.8	Daniel has created this awesome slide for us.
1:05.2	Check this out.
1:05.9	Since 2015, we've been kind of following along and watching this.
1:10.1	And you can see there have been years
1:11.4	that we've been as high as 63% of Americans.
1:14.9	Can't come up with a thousand dollars. We've been as low as 56% and that was kind of post-pandemic.
1:21.2	And then, you know, last year of 2023 57% so Bow without much more do you want to do
1:28.7	want to reveal for this year I want us to think about this right let's think about what's
	...

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