July 30 - In the wake of a recession that should've taught Americans the importance of having emergency savings, a new GOBankingRates study conducted in partnership with The Penny Hoarder has found that nearly three out of four Americans have little or no money saved. Of 3,000 survey respondents, 44.5% reported not having a savings account, while 28.5% reported having less than $1,000 in their savings accounts.
With personal savings rates remaining low across the country1, GOBankingRates and The Penny Hoarder investigated why Americans are behaviorally incapable of saving money.
"There's a simple explanation for Americans' complete inability to save money; saving doesn't provide instant gratification and light up the same reward centers in the brain that activities like exercising or shopping do," said Jennifer Calonia, editorial manager for GOBankingRates.com. "To correct this handicap before it causes severe repercussions, Americans need to learn how to trick their brains into enjoying saving."
Struggling savers can create better savings habits by following these 5 offbeat tips from GOBankingRates and The Penny Hoarder.
GOBankingRates.com is a personal finance and consumer banking website that connects consumers with the best credit unions, banks and interest rates nationwide. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, The Street, Huffington Post and more.