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Consumers foregoing emergency savings funds

Wednesday, June 27, 2012

U.S. consumers are seeing their savings accounts dwindle, due in part to their spending and investing activities.

New research from Bankrate.com reveals that a staggering 28 percent of Americans have no emergency savings funds in place and that only 25 percent have enough in savings to cover at least six months of expenses, which is recommended.

"Incomes are largely stagnant, so it's difficult for people to make significant headway on savings when household expenses are creeping higher but incomes are not," said Greg McBride, senior financial analyst for Bankrate.com. "Prolonged unemployment has also depleted the savings of many people who at one time had a more appropriate cushion."

A recent report from MarketWatch highlighted the current struggles the U.S. economy is facing, including a suffering housing market and rising jobless rate. However, the news source states that confidence among consumers is key in getting through the rough patches.

Investors and those interested in online investment strategies can use this method to diversify their financial portfolio and increase their assets.



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