Nearly 40% of Americans have less than $500 in cash savings, survey shows : aboringdystopia

[+] ExLisper@lemmy.curiana.net -9 points 4 days ago (3 children)

Probably invested everything in crypto, stocks and real estate.

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[+] TubularTittyFrog@lemmy.world -16 points 4 days ago* (last edited 4 days ago)

And how many of that 40% are in poverty, legit struggling, and how many are simple spending beyond their means?

Because the difference is stark. Lots of college kids and young people don't have $500 in savings, but that doesn't mean they are struggling.

[+] arcine@jlai.lu -12 points 4 days ago (1 children)

I have 0€ in "cash savings", I save my money at the bank not in cash...

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[+] Korhaka@sopuli.xyz -17 points 4 days ago (19 children)

Unable to save, or unwilling to? Even when I was earning £8k several years ago I was able to comfortably keep a few thousand in the bank. Just made sure not to spend more than I earnt.

A lot of those habits remained. Now I don't know what to spend money on, saving multiple hundreds a month and my only increased expense is that we bought a house. Give it a few more years of inflation and that won't even cost much more than renting a bedroom did.

I like cooking all my meals so why would I change? Costs like £10-15 a week each. Now that I have a house with a small amount of garden space I have also started growing herbs, if anything that is reducing my food bill. Unlimited rosemary!

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[–] arctanthrope@lemmy.world 0 points 4 days ago* (last edited 4 days ago) (5 children)

they cite numbers about "cash savings" but then imply that that's equivalent to savings in general, or liquid assets. like, I'm lucky enough to have a decent amount in my bank account, but my cash savings is probably like, forty bucks? I hardly ever use cash and when I do I just go to an ATM beforehand, why should I have hundreds of dollars in cash lying around? is that what they're talking about, or is "cash savings" some colloquialism or term of art that I'm unfamiliar with that also includes other things than strictly cash?

edit: to be clear, I'm aware many if not most Americans are in dire financial situations, not trying to dispute that, the wording just seems weird. my first instinct is they probably do mean liquid assets, but to use the word "cash" when "liquid" is a more accurate word that would still be understood by a broad audience seems like an odd choice to me. maybe that's just a bit of my slightly pedantic tendencies

[–] technocrit@lemmy.dbzer0.com 0 points 4 days ago* (last edited 4 days ago) (1 children)

I don't know why people would downvote you. I came here to complain about the same thing.

The actual problem is the shitty as usual reporting from faux news. The article never defines "cash savings" and provides no link to the referenced study. It's lazy slop.

PSA: Y'all, please don't post faux news ever. Find a better source or the original source. Thanks!

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A Boring Dystopia