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More Than Half Of Americans Have Less Than $1,000 In Savings

Financial Literacy Month: Time to make your money behave

April 19, 2018 - 7:19 pm

DETROIT (WWJ) - How much do you have in savings? If you are like the majority of Americans you have less than $1,000 stashed away for emergencies. 

A recent survey by GOBankingRates asked that savings question. A 2016 survey showed that 69 percent of Americans had less than a $1,000 saved and in 2017 that figure only dropped about 10 percentage points. But that still leaves millions of Americans walking a thin financial line. 

Citizens Bank is looking to create more financial acuity around the issue of money.

Six non-profit organizations in Michigan have received a total of $110,000 in grants -- courtesy of Citizens Bank. The awards are in recognition of National Financial Literacy Month and the president of Citizen's Bank says it's a natural fit. 

Rick Hampson says every day their colleagues are out helping people understand money and how to handle it.

From mortgages to student loans to investing for retirement; there are so many facets of the financial world that involve the handling of money every day. 

"There's so many studies about the lack of savings across the whole country," says Hampson. "So putting aside money from every paycheck obviously is a critical thing - to be prepared for retirement. So I think it's more savings - planning ahead --  and it's being educated on what are all the challenges in taking a loan," says Hampson. 

A large portion of the grant went to the Great Lakes Women's Business Council.