Debt struggles are a real problem for everybody – even people earning decent livings. A recent study indicates that a large percentage of people earning more than $100,000 annually have very little cash in their savings accounts.
The study was conducted by GoBankingRates, the major financial services website, and found that nearly half of individuals with annual incomes between $100,000 and $150,000 simply aren’t saving money for potential emergencies in the future. While most of these high-income earners have put away less than $1,000 in their savings accounts, approximately 18 percent of people earning six figures have zero dollars saved for the future.
Perhaps most surprisingly is the GoBankingRates study’s finding that almost 30 percent of people earning more than $150,000 each year have saved less than $1,000.
While the realization that even high-income earners can struggle with debt may be surprising, it should not be surprising to read that low-income individuals struggle the most with financial obligations and debt problems. According to the GoBankingRates study, the vast majority of workers earning less than $25,000 on an annual basis have fewer than $1,000 in their savings accounts.
The implications of not having money saved for the future are clear: many Americans are hanging on financially by a very loose thread that could break at any moment. In the event of a sudden health scare or other emergency, a person with no money in savings may find it difficult to avoid racking up crippling medical debts.
Of course, the reality is that even people with six-figure incomes are finding it tough to store cash for a rainy day. This is in large part because of the struggling economy, the poor state of the housing market, and a rise in the amount of debt that many Americans have been saddled with these days.
For additional information, read the Bloomberg.com article, “Make Six Figures? There’s a Decent Chance You’ve Got Almost Nothing in the Bank.”
If you are struggling with debt, you should talk to a qualified debt management attorney immediately. Joel R. Spivack, Esq., is an experienced bankruptcy and debt relief lawyer who can assist you and help you explore all of your options for getting out of debt. Contact Mr. Spivack now to schedule a free consultation.