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November 17, 2016


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Whenever I see stats like this it makes me crazy too. Don't people know any better? And then I remember the countless focus groups I've observed from behind the one-way glass.

Most people are just average, nice folks, living paycheck to paycheck. They don't have a financial plan and haven't thought through the implications of just getting by financially and not having a savings plan in place.

It's really a shame!

Many people vastly under-save, and many could save more; on those points we agree. But this jumped out at me as being extraordinarily out of touch with reality: "that's like 10-20% at most, right?"

$1000 is an EXTRAORDINARY sum for someone who is a working class single parent, or a working class family who has significant medical bills. Or anyone forced to live on disability or social security. The cost of healthcare and childcare are insane, working class wages have been stagnant for decades. These numbers are sad, but not shocking at all.

Prioritizing saving would help some of these people; but I would guess that between 30-50 percent are probably already squeezing every penny out of every dollar just to live.

While I won't argue that most americans are horrible savers, this survey is hard to believe considering they only asked 7,000 people to determine savings rates for EVERY state. That's only ~140 people per state to come up with an average savings rate.

I'm sure there are privacy issues, but getting banks to give the average balance in accounts would be much more accurate

May I have the link to your new site?

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