How much do you know about saving for a rainy day? Here are seven facts from AmericaSavesWeek.org about saving money.
- The U.S. Treasury says that Americans hold about $15 billion in loose change.
- The typical amount Americans spent last year on unexpected expenditures was $2,000. Surprisingly, lower-income households cited the same amount.
- Two-thirds of unexpected expenditures are related to medical care or motor vehicles.
- If family incomes are the same, families with a plan save about twice as much as those who do not have one.
- The only free money for savings that is available to many Americans is an employer’s match to a contributory workplace retirement plan such as a 401(k).
- In 2006, 25% of individuals age 65 and older relied 100% on Social Security payments for their income.
- The easiest way to save money is to have a set amount automatically deposited into your bank account each pay period.