Americans are the world’s worst savers. Well, almost – they’re actually tied with the Portuguese.
The results are from a recent ACNielsen survey – CNN reports the results with statistics on consumer spending and saving.
The survey found, not surprisingly, that many people suffer from having too many “goes outs” and not enough “goes ins”.
Getting out of the rat race is tough, but many Americans are working on it. The survey also said that 42% of all Americans now would choose to use their extra cash for the repayment of debt.
I applaud all of you that are working to get yourselves out of debt. It is not easy – but each of you deserve it. Compound interest can be a beautiful thing when it works for you, but when you are on the paying side of that interest rate it can be a great burden.
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January 26th, 2006 at 1:49 pm
I really agree that watching the “goes outs” in relation to your “goes ins” makes all the difference. Once I started living within my means, ie, my “goes outs” (including saving and paying off debts) were less each month than my “goes ins”, my net worth really started growing. I talk a lot about watching your monthly cash flows at my blog.