news.cuna.org/articles/Strongest_savers_in_middle_class:_Bankrate

Strongest savers in middle class: Bankrate

March 30, 2015
NORTH PALM BEACH, Fla. (3/31/15)--The most ardent savers can be found in the U.S. middle class, according to a recent survey by the personal finance website Bankrate.com.

One-fourth of middle-class households--earning between $50,000 and $75,000 annually--set aside more than 15% of their income, while only 17% of the highest earners put away more than 15%, the survey found.

By contrast, only 8% of the lowest earners in the survey saved more than 15%.

"Middle-class Americans (have) to do the saving, because nobody is going to do it for them," said Greg McBride, Bankrate's chief financial analyst. "They don't have the six-figure income to fall back on" for expenses such as household emergencies, long-term health care, education and retirement.

Millennials, on the other hand, have yet to get the picture on the importance of saving.

The survey found that people between 18 and 29 years old were the most likely to fail to save, with 37% saying they save 5% or less and 18% saying they save nothing at all.

"They don't see a correlation between where they are now and where they will be," Tiffany Aliche, independent budgeting expert, told Bankrate.com.

It appears they should take a page from those in the middle class.

In addition to the households saving more than 15% of their incomes, roughly 35% of U.S. households considered middle class put away more than 10%, according to the survey, while only 19% of the highest-earning households save at that rate.