11mo ago

Dont get it twisted.

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Lots of articles are saying 60 to 69%. CNBC, Barrons, LendingClub. I can’t find a better source but.. 40% from a rich person’s mag like forbes is just too much man. I would estimate 55% to 70%, so 80% doesn’t seem that far off.
- Source?
  60% to 80% is literally a jump of 2x, meaning twice as many people who have savings
  80% is incredibly far off
  https://www.cnbc.com/2023/09/27/60percent-of-americans-are-still-living-paycheck-to-paycheck.html
  Gives lending club as source so basically it's the same source
  Where did you get 69%
  
  Neither you nor I have a decent source yet. All of these sources are from surveys, you just pick your organization. A skimming of the google search results for this gives numbers in the 55% to 69% range, but that’s not a good source. So far what we’ve found is:
  Forbes survey: 40% Lending club survey 60%
  I don’t have a source for 80% where the meme claimed.
  
  Because 80% is not correct. The median person has $8,000 saved in just their bank accounts, not including retirement (which you can take out paying a penalty) and CoD (which you can take out after paying a few months penalty)
  https://www.forbes.com/advisor/banking/savings/average-savings-by-age/
  So half of people have more than this amount saved. I personally have less than this in my bank and a lot more in taxable investments which were not measured
  How do people save if 80% are living paycheck to paycheck?
  
  And your number is also not correct! See how this works?
  Again my guy. a mag for rich folks isn’t going to be unbiased
  
  St Louis Fed is not a mag, it's a federal reserve bank
  
  Ok but you’ve cited forbes, which is a magazine.
  
  Not their numbers, which you would know if you took the one second to click the link instead of complaining about the URL
  
  We’re so deep in this denial bro that I can’t even find the link you’ve sent any more. I click more context and I get the full thread. I searched for your link and can only find the forbes link you keep reposting.
  
  https://www.forbes.com/advisor/banking/savings/average-savings-by-age/
  $5400 median savings up to age 25
  
  See? There’s a forbes link again.

208 comments