Upper-middle income Americans aren’t saving much money says a
report
from the Federal Reserve. Only 45% of upper-middle-income Americans
reported saving any money in 2012. This doesn’t come as such a surprise
to anyone paying attention to the personal savings rate in America. The
rate, while somewhat improved since 2005, is below its historical mean
by 3.1 percentage points at only 5.3%.
Another sad statistic from the Fed report shows that 68.6% of
Americans feel as though their financial well-being is about the same,
worse, or much worse than in 2008. For those with cloudy memories, 2008
was the year the economy went belly-up. Again, for anyone paying
attention to consumer sentiment, this isn’t so surprising. While
sentiment has improved greatly from the days of deep recession, a quick
look at the University of Michigan consumer sentiment survey shows
readings still below historical mean. That’s not the picture of a strong
recovery.
Source: http://www.youngresearch.com/researchandanalysis/personal-finance/even-wealthy-broke
