The savings rates are worse now than they were during the depression.
Scary, isn't it?
According to a 2006 report by the Center for American Progress, a liberal think tank in Washington, D.C., only about 18% of middle-class families said they had three months' expenses saved.
And worse is that nearly 60% of people 44 and under didn't even have $500 set aside for an emergency, according to the Federal Reserve Board's 2004 Survey of Consumer Finances.
No wonder credit card debt is at all time highs! People are forced to use plastic for any little set-back.
Help your kids avoid these same pitfalls by getting them in the habit of saving money - especially an emergency fund.
Sonja
No comments:
Post a Comment