Colin Barrett, president and CEO of the Tennessee Bankers Association.When it comes to Americans and their savings, the numbers tend to be unfavorable.
One-third of Americans are only breaking even every month, according to personal finance website NerdWallet.
GoBankingRates reports that nearly 70 percent of Americans have less than $1,000 in their savings accounts, and 34 percent say they have no savings at all.
A Federal Reserve Board survey found 47 percent of respondents said they would not be able to come up with $400 in the case of an emergency, or they would have to borrow money to pay for unexpected expenses.
LaTricia Schobert, executive director of Consumer Credit Counseling Service in Chattanooga, often sees clients who are struggling to pay their bills, let alone save for future expenses and emergencies. But after working with clients and getting them out of “crisis mode,” Schobert says she refers them to one of the many free savings and investing phone apps that have surfaced in recent years.