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56% of Americans can't afford a $1,000 emergency expense: We are 'living in a paycheck-to-paycheck nation,' money expert says (www.cnbc.com)

submitted 8 months ago by [email protected] to c/[email protected]

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[–] [email protected] 25 points 8 months ago (2 children)

from another article:

You’d expect savings account balances to grow by generation — but that’s not always the case. According to our survey, only 43% of savers aged 18-24 report having $500 or less in savings, while a whopping 51% of savers aged 55-64 report the same.

And for those reporting a very low saving account balance, the 35-44 age group have the highest percentage, with 41% reporting a balance of $100 or less.

a lot of these articles seem to fall into this genre of "the way to save more money is to save more money!" and as helpful as HYSA are to that end, there is limited discussion of how to be able to contribute some/more into savings and never any discussion of wages, which would be an obvious factor when food, shelter and healthcare costs are taking bigger bites.

[–] [email protected] 3 points 8 months ago (1 children)

Also, most HYSA require a significant upfront investment ($1k+ all invested at once) in order to open an account in the first place. And as nice as 5% interest is, getting $10/year from it is pretty fucking irrelevant; it's only useful if you have a cool $10k+ to dump into it and forget.

[–] [email protected] 4 points 8 months ago

5% of $1k is $50/year. and, generally speaking $1k in emergency savings is only the first tier savings goal. the next priority is to save 3-6 months of expenses depending on perceived job stability, which is where interest income starts to offset the cost of some cheaper utilities or a mid tier subscription add-on.

it's not really meant to provide some passive income so much as as it is an incentive to parking the savings somewhere. because the current interest rates on brick and mortar savings are butt cheeks. like 0.1% type crap.