Thanks for providing a source, but I’m very skeptical of anybody using averages to represent this rather than the median. If you put 99 destitute and homeless people in a room along with Elon Musk the average net worth in that room is over 4 billion dollars, which to put it mildly does not reflect the reality of most people in the room.
It certainly is higher than in 1946, but not as high as it should be relative to income or purchasing power, which I think is why the meme is effective. Assuming somebody else in this thread was correct when thy said $5k in 1946 is equivalent to $80k today that’s a sixteen-fold difference, but I’m extremely skeptical that the average American is able to save 16x what his great-grandfather did, whereas the price of everything (housing, food, whatever) has increased far more. It isn’t a healthy position for a developed society to be in, especially one without public healthcare. If I were an American and had only $5k in the bank I’d be terrified.
Yes. Averages do paint different pictures than actual hard numbers. And yet the actual hard numbers show the reality of the situation, and that reality is that a lot less than 56% Americans have more than $5000 in savings because that has nothing to do with an average.
Breaking it down by generations still does not change the fact that a lot less than 56% of Americans have more than $5000 in their savings accounts. Maybe more of certain generations do, but that’s not what you said.
Their comment responds directly to the claim in the OP.
That you lack the reading comprehension to understand this is horrifying.
What percentage of the population of the US can save $5000?
56% of Americans have more than $5000 in savings excluding retirement funds such as 401k.
Well that’s weird, because well over half of Americans have less than $5000 in their savings accounts.
Do they keep the rest in a mattress?
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Thanks for providing a source, but I’m very skeptical of anybody using averages to represent this rather than the median. If you put 99 destitute and homeless people in a room along with Elon Musk the average net worth in that room is over 4 billion dollars, which to put it mildly does not reflect the reality of most people in the room.
Doing this by savings brackets actually avoids this problem but I would agree in another scenario.
If we exclude the top two savings brackets we arrive at 46% of Americans having over $5,000 and under $250,000 in savings outside a 401k.
Im certain that is a higher percentage of Americans with $5,000 savings than in 1946!
It certainly is higher than in 1946, but not as high as it should be relative to income or purchasing power, which I think is why the meme is effective. Assuming somebody else in this thread was correct when thy said $5k in 1946 is equivalent to $80k today that’s a sixteen-fold difference, but I’m extremely skeptical that the average American is able to save 16x what his great-grandfather did, whereas the price of everything (housing, food, whatever) has increased far more. It isn’t a healthy position for a developed society to be in, especially one without public healthcare. If I were an American and had only $5k in the bank I’d be terrified.
Yes. Averages do paint different pictures than actual hard numbers. And yet the actual hard numbers show the reality of the situation, and that reality is that a lot less than 56% Americans have more than $5000 in savings because that has nothing to do with an average.
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Breaking it down by generations still does not change the fact that a lot less than 56% of Americans have more than $5000 in their savings accounts. Maybe more of certain generations do, but that’s not what you said.
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