MASON CITY, Iowa – Everyone has their reasons for not saving money.
“Everything costs so much. Priorities, gas, groceries,” Jane Heiny from Rockfalls said.
“I don’t use a savings account because it doesn’t make you any interest,” Al Pierce from Ventura said.
And they have guesses on how many people do.
“If I asked you out of 10 people how many do you think have less than $1,000 saved up, what would you say?” Reporter said.
“Five,” Heiny said.
“I would probably say eight. Seven or eight,” Pierce and his friend Dave Hansen said.
According to GoBankingRates, surveying more than 7,000 people, nearly seven in 10 Americans had less than one thousand in their savings account. 34 percent have nothing saved.
“Part of it is hard to save money. There are a lot of demands on a person’s money especially if you’re just growing up, married, and couple kids,” Casey Martin, Senior Vice- President at Raymond James.
From senior citizens to those 18 and older, 62 to 72 percent had less than $1,000 in their savings. Martin’s goal as a financial planner is to see you save for retirement or investing your funds, but even he knows how difficult that can be.
“Saving money either retirement or in general is very, very difficult. Sometimes the company helps you; they’ll match you the first three percent that really makes a difference over time in a little bit, especially once you reach retirement age at 65,” Martin said.
For some it’s shocking numbers to hear, for others it’s life.
“Success isn’t how much you saved, success is if you’ve made it to the end of the month,” Martin said.
Experts have some advice on saving money use cash instead of credit, do automatic withdrawals, and surround yourself with those who like to save money.