More than 1 in 5 working Americans aren’t saving a single dime, finds a study from Bankrate.com.
According to the survey, most financial experts recommend putting at least 15 percent of income into savings, but only 16 percent of respondents put at least 15 percent of their income into savings. The report found younger generations are struggling the most.
Millennials and Generation Xers were more likely than other age groups to not be saving at all or not saving more than 10 percent of their income.
The reason for the lack of savings? The number one response was expenses, followed by haven’t gotten around to it, job isn’t good enough, debt and don’t need to save more.