08.22.23

Two-Fifths of Baby Boomers, Gen Xers Lack Savings Accounts: Survey

by: Daniel de Visé

Two-fifths of baby boomers and Generation X Americans lack a simple savings account, according to a new survey by Achieve, a digital personal finance company. Fifty-eight percent of survey respondents said they are not close to achieving financial freedom, defined as living comfortably and without debt or money fears. Only 60% of respondents said they have a savings account in a bank: 58% of Gen Zers, 61% of millennials, 57% of Gen Xers and 62% of baby boomers. Among those with savings, more than one-third said the account holds less than $1,000. The personal savings rate, as a share of disposable income, briefly fell below 3% in mid-2022. It now stands at 4.3%, meaning the average worker is saving less than 5% of disposable income. The Achieve survey found only 11% of Americans believe they are living by their definition of financial freedom.

Read the full article on The Hill