Survey Finds More than 75 Percent of Americans Living Paycheck to PaycheckThe San Diego Bankruptcy
Survey Finds More than 75 Percent of Americans Living
Paycheck to Paycheck
Posted on Jun 26, Posted by San Diego Attorney Category Bankruptcy
We are told from a very young age that what we need to do when we enter the workforce is to
put our money to work for us. We need to invest in a home that will appreciate in value so that
when we ultimately sell it we can realize a return on that investment. We need to be disciplined
in putting a portion of every paycheck we earn away somewhere so that it can earn interest and
grow for when we will need it when we retire. Basically, we need to invest in our futures while
the future is still largely in front of us and to keep doing it for decades.
While this all sounds logical and it’s generally good advice, people who told us this likely never
lived through anything like the Great Recession that hammered our country’s economy for
years. Not since the Great Depression in the first half of the 20 th Century has the country seen
this type of massive economic struggle. That struggle leads to people being forced to make
very difficult choices, and these choices have often come down to which bills we were going to
pay and which ones we were going to have to leave unpaid for the foreseeable future.
In short, few people were in a position to put a portion of their paychecks away, if they were
earning a paycheck at all. Now that the recession is ending and people are slowly getting back
to work, it’s going to take some time for them to get back on their feet. Recessions leave scars,
and those scars are readily apparent on the financial portfolios of millions of people around the
country. The last scar to heal for most is when they are able to once again start saving.
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Survey Finds More than 75 Percent of Americans Living Paycheck to PaycheckThe San Diego Bankruptcy
That notion was confirmed by the results of a recent study that was performed by
Bankrate.com. The company did a survey of more than 1,000 Americans and it found that 76
percent of them were living from paycheck to paycheck, meaning that they were just barely
getting by and making ends meet and that they were not saving anything on a regular basis. There are many reasons for this problematic percentage, including:
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People are just getting back to work.
People are still paying off debts incurred during the recession.
People are not earning what they did before the recession hit.
People are not drawn to historically low interest rates in savings accounts.
There are many other reasons for this problem, but it is a problem. It means that millions of
people do not enjoy any type of financial security should something unforeseen arise. It should also mean that people who are paying down old debts should take some time to find
out if it’s worth it to potentially eliminate them and start over so that they can begin saving again.
If you find yourself in this boat, contact the San Diego bankruptcy lawyers at the Golden
State Law Group
today to schedule a free initial consultation. Tags: Tagged in:
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Golden State Law Group
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