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.
Sign-up for the eOption Daily Market Report
eOption’s Daily Market Report is a timely and informative service detailing equities that have recently met classic chart pattern conditions for bullish and bearish equities. To receive the eOption Daily Market Report, you must be a current client and have a current email address on file. Please contact email@example.com or login to your account and enroll for electronic statements or confirms. More Information