ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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less than 3 percent
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nearly 8 percent
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about 10 percent
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more than 12 percent
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Detailed explanation-1: -The average American savings account balance is $4, 500. Between 1959-2022, the average U.S. savings rate has been 8.96%. The average household savings rate in the U.S. was only 5.1% in the second half of 2022. In total, gross personal savings in the U.S. is worth $2.3 trillion.
Detailed explanation-2: -An uncertain economy is affecting how Americans are able to save for emergencies. Nearly half (49 percent) of U.S. adults have less savings (39 percent) or no savings (10 percent) compared to a year ago, according to a new Bankrate survey.
Detailed explanation-3: -In 2021, 87 percent of U.S. citizens who were 60 years old or older had some type of retirement savings.
Detailed explanation-4: -A far better indicator of retirement readiness is how much you have saved for retirement, and according to research by Ramsey Solutions, 48% of Americans have less than $10, 000 saved for retirement. How much an employee contributes is over 45 times more important than what they’re investing in.