New surveys and data have come out revealing Americans’ don’t have enough savings, spend money they don’t have and have their financial priorities backward. Below are five new stats that show that Americans are backward about money.
- About 1 in 4 literally has no emergency savings: A survey released Tuesday by Bankrate.com found that 24% don’t have even a single dollar saved for an emergency. A survey released in January by Bankrate found that nearly 60% of Americans wouldn’t have enough savings to pay for a $500 expense if it came up unexpectedly. More than one in five say the would slap down their credit card to pay that expense and more than one would mooch off family to get cash. Experts recommend that Americans have at least three to six months of income in the bank to pay for unexpected emergencies.
- We are more worried about paying for our next vacation than about saving enough for retirement: That’s the finding of a study released this week by Country Financial, in which Americans report being more concerned about affording that vacations (36%) than having adequate retirement savings (32%).
- Millions of us hide money from our spouses and partners. An estimated 12 million Americans confess they have kept a source of money secret from their romantic partners, according to CreditCards.com. That’s typically not smart; experts say: “Anytime you get into these kinds of things where you are operating behind the scenes, it usually comes out at some point,” Corey Allan, a marriage and family therapist told Credit Cards.com. “We can’t keep things hidden, especially in today’s technological world. Any spouse who has any kind of suspicion can become a detective and find it.” (Also see: if you have sex with a rich millennial. Expect this power dynamic.)