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Half Of Americans Making Under $30K Have Less Than $100 In Savings

Tyler Durden's picture




 

As we noted earlier, the main reason for the surge in consumer "confidence" in September was the near record surge in sentiment for those making $15,000-$25,000, which soared from 43.5 to 62.4 in the month, the most since April 2009. And whether this was due to their forecast of the future, and expectation that things will get much better, or not, we don't know, what we do know is that half all of those people whose sentiment defined the market tone today, and who may be quite instrumental in the outcome of the upcoming election (per Mitt Romney), have less than $100 in cash savings. Other findings: both males and females reported similar savings patterns, however, 55 percent of Americans with children under the age of 18 reported having less than $800 in emergency savings compared to 42 percent of those without. Findings also reflect disparities across geographic regions, with 60 percent of individuals living in both the Northeast and the West having $800 or more in savings, yet 31 percent of those living in the North Central region reported that they had less than $100. Most importantly, 23% of all Americans have less than $100 in savings to cover any emergency expenses, and 46% have less than $800. One can see why when it comes to the discussion of whether or not financial assets should be taxes, soon 46% may be the new 47%. 

Visually:

And full survey results here.

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Tue, 09/25/2012 - 12:22 | 2828250 Precious
Precious's picture

... but they have free speech, as Mr. Obama explained, accompanied by the Secret Service at the UN today.

Tue, 09/25/2012 - 12:27 | 2828283 camaro68ss
camaro68ss's picture

i have $102 in my savings, I guess im better off.

No, for real....

Tue, 09/25/2012 - 12:38 | 2828329 Richard Chesler
Richard Chesler's picture

That doesn't leave much for the banksters to steal. Thank God there's Benny boy.

 

Tue, 09/25/2012 - 12:40 | 2828342 AnonymousCitizen
AnonymousCitizen's picture

I chose to maintain a short position in U.S. Currency.

Tue, 09/25/2012 - 12:44 | 2828358 Kitler
Kitler's picture

I chose a to position my U.S. currency in my shorts.

(Far away from the banksters)

Tue, 09/25/2012 - 12:45 | 2828374 Ahmeexnal
Ahmeexnal's picture

MSM is starting to pick up on "conspiracy theories":

http://www.marketwatch.com/story/investing-for-globally-coordinated-infl...

There has been a currency war for years and the alliances are quite different from what would seem on the surface.

When the critical mass of sheeple finally figure out A is A, the exit window will be crammed shut in their faces.

Tue, 09/25/2012 - 13:07 | 2828479 Popo
Popo's picture

Sorry but the statistics in this infographic come entirely from a survey of 1000 customers of CashNetUSA.

This must be the most biased sample ever.   How they arrive at statistical generalizations regarding "Americans" from their sample of just 1000 quickie-cash customers is highly quesitonable.

Things are bad out there.  But if you're going to turn your back on the dozens of legitimate non-governmental analytics sources in favor of a questionaire handed out to 1000 cash poor tards,  you're going to end up with absurdly grim results.

Tyler,  where's the QC?   

Tue, 09/25/2012 - 13:22 | 2828554 Joe Davola
Joe Davola's picture

You make a good point; however I would suspect the government, an unimpeachable source of unbiased statistics if ever there was one, is also handing out to the same 'cash poor tards'.

Tue, 09/25/2012 - 13:25 | 2828570 The Alarmist
The Alarmist's picture

Savings? We don't need no stinking Savings!  We got us Social Security, SNAP, EITC, Medicare, Medicaid and all the government loving you don't need money to buy.

Tue, 09/25/2012 - 13:34 | 2828604 AlaricBalth
AlaricBalth's picture

CashNet USA  APR on a $100.00 loan for 8 days is 684.38% in Florida. My friend Tony the Loan Shark can't get rates like that!

They have numerous complaints on Ripoff Report. The continued fleecing of the poor and middle class!!

One says, "I obtained a loan with Cashnetusa.com. That was in May. We borrowed 500 dollars. Since then, they have dipped into my bank account for over 1200 dollars. It was a desperate move to use a payday loan service, but I have 5 children to feed and I was desperate! We are getting back on our feet only to have them take out almost 600 dollars out of the 900 we just had deposited. They say we are now paid in full, but they won't put any money back into our account. Everytime they took a payment, for some reason they did it twice. That's how it got so high that they took out. We tried to talk to them and they said that was how they assured the payment came out. Well, in our case it came out twice on at least 2 occasions. With a paycheck of 900 and 600 coming out it is very hard to provide for a family of five, but I will NEVER get another payday loan. I just truely belive that this company is doing something illegal and I would hate to see another family go through what ours has. You only get a loan like that if you are in need and for that company to take advantage of the people who seek their services is just not right!"

 

Tue, 09/25/2012 - 13:38 | 2828625 tonyw
tonyw's picture

"My friend Tony the Loan Shark can't get rates like that!"

Yes that's because he's not a proper bankster helping out his politician friends.

Tue, 09/25/2012 - 14:24 | 2828803 LMAOLORI
LMAOLORI's picture

 

 

I wonder if it would matter to the poor who allowed this predatory type lending to take place? This was posted on the Dummie Underground way back when so it is not as if they don't know I guess as long as they get the bennies all is good. 

"Usury used to be illegal in the United States but it was "decriminalized" in 1980--the dawn of financial deregulation. A Democratic president and Congress repealed all interest-rate controls and the federal law prohibiting usury. " (direct link below)

http://www.thenation.com/article/trouble-democrats?page=0,1

and this from Naked Capitalism definitely a liberal enclave

Third Way Document Proves Democratic Party Supports Institutionalized Looting by Banks

Read more at http://www.nakedcapitalism.com/2011/07/third-way-document-proves-democratic-party-supports-institutionalized-looting-by-banks.html#X8ffJTubIR1O1Uf9.99

Tue, 09/25/2012 - 17:06 | 2829649 AGuy
AGuy's picture

So are you suggesting you get a MORE honest loan from Fat Tony, then a bankster? Probably True!

Tue, 09/25/2012 - 18:51 | 2830055 CPL
CPL's picture

That in a nutshell is why the microloan industry in India and China collapsed.

 

The loan sharks thought the bastards were heartless.

Tue, 09/25/2012 - 13:42 | 2828641 Jethro
Jethro's picture

I'm constantly surprised these lenders aren't shot....

Tue, 09/25/2012 - 17:20 | 2829461 Dr Benway
Dr Benway's picture

I dunno if outlawing payday loans would necessarily help the people using such loans.

Tue, 09/25/2012 - 14:41 | 2828872 Larry Dallas
Larry Dallas's picture

JP Morgan used to be an investor behind on of those franchises. Yes, its true. Look it up. I think they had to sell their stake (probably to a shell company they owned in the Caymans) to divert the Headline Risk.

And owners do get shot too. I have a friend who owned on in GA. He got shot at but not hit.

 

Tue, 09/25/2012 - 13:13 | 2828512 SafelyGraze
SafelyGraze's picture

fwiw .. data provided courtesy of "cashnet"

http://www.networksolutions.com/whois-search/ENOVAFINANCIAL.COM

 

Tue, 09/25/2012 - 15:23 | 2829108 Chump
Chump's picture

They're boning you pretty hard dude.  I'm not so sure your shorts are as safe as you think...

Tue, 09/25/2012 - 13:36 | 2828618 tonyw
tonyw's picture

It may not be much but there's a principle at stake here, it must all be taken and then they can take on some more debt.

 

Tue, 09/25/2012 - 14:55 | 2828938 TraitorsHang
TraitorsHang's picture

When they've bled you dry, there is nothing left to steal but your life.

Tue, 09/25/2012 - 15:19 | 2829089 cynicalskeptic
cynicalskeptic's picture

You can sell a kidney first.....   I don't think it's gotten to THAT point in the US ....yet

Tue, 09/25/2012 - 15:24 | 2829114 TraitorsHang
TraitorsHang's picture

Sell? Selling presumes that you own your kidney. The banks see things differently.
http://www.cbsnews.com/8301-504763_162-20126993-10391704/organ-theft-gui...

Tue, 09/25/2012 - 16:09 | 2829310 DosZap
DosZap's picture

Selling presumes that you own your kidney.

Chineeeeee sell their executed prisoners organs............................I see nothing wrong with that, if they deserved death,why allow a person that contributes to die simply from a bad draw?.

 

You do own it and you can leave the US and sell it, hope you don't catch kungfooey, just can't sell it here legally.

I can see it now, on Craigslist.............................................

Tue, 09/25/2012 - 16:11 | 2829322 DosZap
DosZap's picture

Sure it has, just not broadcast.....................................

Tue, 09/25/2012 - 18:51 | 2830054 Buck Johnson
Buck Johnson's picture

It also doesn't leave enought for you to use when hyperinflation hit us.

Wed, 09/26/2012 - 09:21 | 2831514 Ar-Pharazôn
Ar-Pharazôn's picture

well.............. the new iCrap ;)

 

even the poorest idiot is going to buy it

Tue, 09/25/2012 - 12:39 | 2828336 DosZap
DosZap's picture

i have $102 in my savings, I guess im better off.

No, for real....

 

If you own the car in your Avatar, you could up that # considerably.

Tue, 09/25/2012 - 13:07 | 2828486 pods
pods's picture

I tried to get my older brother to sell me his 69ss convertible.

Good thing he said no, as now I have a house and family.

Those can be expensive toys!  

I do see a local guy who drives a 68z as a daily driver!

pods

Tue, 09/25/2012 - 13:07 | 2828487 camaro68ss
camaro68ss's picture

I have $102 FRN's. little do you know about my true postions in real assets such as gold, silver, land, ammo, food, and guns.

Tue, 09/25/2012 - 14:00 | 2828701 tekhneek
tekhneek's picture

I prefer to call those "mistakes" ... you have $102 mistakes. That's 2.5 ounces of silver sitting in your "mistake" account. Best get those 2.5 ounces and take them on a boat sooner, rather than later.

Tue, 09/25/2012 - 12:53 | 2828408 Bangin7GramRocks
Bangin7GramRocks's picture

Buck up lil' camper. Good ol' President Romney will soon let you gamble your hard-earned social security riches in his rigged casino. You may be able to turn that nest egg into a fortune! Horatio Alger bitchez!

Tue, 09/25/2012 - 13:52 | 2828675 Mad Mohel
Mad Mohel's picture

Or you'll probably end up with a Ragged Dick.

Tue, 09/25/2012 - 15:21 | 2829101 cynicalskeptic
cynicalskeptic's picture

Just think of how much MORE the Banks and Wall Street would've beld from US citizens if 'privatization' had gone through under W.......     if you thought things are bad now, they'd have been even woirse if that had happened.

Tue, 09/25/2012 - 15:49 | 2829225 sessinpo
sessinpo's picture

Buck up lil' camper. Good ol' President Romney will soon let you gamble your hard-earned social security riches in his rigged casino.

 

Comment:

I highlighted and italisized the key word - let.

Stupid is as stupid does. No one has put forth a plan that forces someone to do such a thing. That is free markets, choice. Something liberals have a hard time understanding.

Due diligence is required for any financial situation. Someone throwing their money in any market is likely to have their head handed to them regardless of who is president and what regulations there are.

I certainly wouldn't advocate buying equities right now or for some time. But I do prefer the choice over being forced into it such as the GM bailout.

Tue, 09/25/2012 - 20:54 | 2830478 Bangin7GramRocks
Bangin7GramRocks's picture

Sad reality is that most Americans are not skilled day traders such as yourself. They are financial simpletons who would be tempted to go for the big score by hundreds of millions of dollars in marketing from the financial services industry.

Tue, 09/25/2012 - 12:57 | 2828425 Gringo Viejo
Gringo Viejo's picture

2 Day passes to Disneyland. As the late, great Bill Hicks said....."it could have been worse".

Tue, 09/25/2012 - 12:29 | 2828291 Cash2Riches
Cash2Riches's picture

Wow that is just sad. But even sader is that it doesn't surprise me at all.

 

http://jamesturkblog.blogspot.ca/

Tue, 09/25/2012 - 12:38 | 2828327 Alpo for Granny
Alpo for Granny's picture

*Waits for introduction of a $50 "Iphone For The People" subsidized by the Fed*

 

Tue, 09/25/2012 - 13:40 | 2828633 tonyw
tonyw's picture

And with free shipping! how am i not tempted???

Tue, 09/25/2012 - 13:38 | 2828626 JuliaS
JuliaS's picture

Hey, if healthcare is a right, iPhone's ought to be a right as well!

Tue, 09/25/2012 - 13:46 | 2828627 JuliaS
JuliaS's picture

I know it's gotta be in the Constution or in the Bill of Rights... it's in there somewhere. I know with my gut that by the "pursuit of happiness" they implied a goddamn smartphone with an unlimited data plan! Bless those visionaries!

Tue, 09/25/2012 - 12:38 | 2828332 Tortfeasor
Tortfeasor's picture

Dave Ramsey will not be pleased.

Tue, 09/25/2012 - 12:39 | 2828340 Alpo for Granny
Alpo for Granny's picture

That gold bashing Dave Ramsey can go shit in his hat!

Tue, 09/25/2012 - 12:43 | 2828363 DosZap
DosZap's picture

That gold bashing Dave Ramsey can go shit in his hat!

 

Dave means well, he is a member of the I have got mine club, so no worries for him.

TO his credit he was a multi millionare at 35yrs old, lost it ALL, and made it all over agin, his problem is he doesn't Read the REAL news.

Tue, 09/25/2012 - 14:53 | 2828927 hannah
hannah's picture

...isnt dave ramsey that lesbian financial analyst on tv....?

Tue, 09/25/2012 - 12:43 | 2828366 akak
akak's picture

Dave Ramsey is a classic example of the man who knows the price of everything and the value of nothing.

Tue, 09/25/2012 - 13:16 | 2828529 Miss Expectations
Miss Expectations's picture

He sure knows how to leverage Jesus, doesn't he?

Tue, 09/25/2012 - 13:45 | 2828647 pazmaker
pazmaker's picture

You are right Miss Expectations...Many people promote his work as a ministry when it most definitely is not  it is for profit.   From the Christian standpoint Larry Burkett was the pioneer on Money management didn't come across as a slick salesman like Dave Ramsey does.

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