Some 21% of working Americans say they aren’t saving any money at all
, according to a new survey from the personal-finance website Bankrate. The company surveyed 1,000 people between Feb. 26 and March 3.These results are on par with the previous years Bankrate has conducted the same survey. Consistently, about 20% of people say they aren’t saving at all, said Greg McBride, Bankrate’s chief financial analyst.Why aren’t Americans saving? The most popular answer, given by 38% of people: They have too many expenses.
It was more common for low-income households to say they aren’t saving than for those making more. Some 45% of households earning less than $30,000 per year said they weren’t saving any money, compared to 6% of those in high-earning households, surveyed by Bankrate. Apps including Qapital, Acorns and Digit are popular ways to put away small amounts of money, but many large banks including Chase JPM, +0.92% allow customers to set up automatic transfers to savings accounts, too.Workers at companies with human-resources departments can often ask them to split a paycheck, depositing part of it into a savings account automatically.
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