If Money Talks, Are Americans Listening?

The main reason Americans save money is "for a rainy day"

. According to a 2010 Federal Reserve report, that was the main reason for 35.2% of Americans. Retirement was the main reason for 30.1% followed by to buy stuff (11.5%), for school (8.2%), for the family (5.7%), to buy a home (3.2%), no particular reason (1.4%) and investment (1.2%). When asked how much should be saved for a rainy day, the answer was a bit more than 1 month's income. I expect those saving for a rainy day are younger than those saving for retirement - who hopefully already have "umbrella coverage".

However, 28% of Americans have no money saved. That was the finding of a 2012 survey of 1,000 people by the website Bankrate. Financial experts advise we have 6 months of savings for emergencies. Only 25% of Americans met that goal. Twenty-one percent had some money saved, but not enough for 3 months of expenses. That means 49% of Americans couldn't go 3 months without a paycheck. That's up from 46% in 2011. Nevertheless, in 2006 sixty-one percent didn't have 3 months of living expenses saved. That means 12% of us have acquired a "saving grace".

Americans spend about $1 out of every $100 on alcohol. According to NPR's "Planet Money", that hasn't changed much in 30 years. What has changed is shown in the following comparisons in which the first percentage is for 1982 and the second for 2011. Money spent in bars 24%/40%. Money spent on alcohol in stores 76%/60%. Of course, alcohol in bars has increased 79% in price, while alcohol in stores has increased 39%. Then there's money spent in stores on beer 48.9%/47.7%, on liquor 34.6%/12.6% and on wine 16.2%/39.7%. Supposedly, Johnny Depp's tattoo has changed too - from "Winona Forever" to "Wino Forever".

Fewer Americans are spending money on vacations. According to a 2012 Talent Management Magazine survey of 2,000 workers, more than 50% of employees planned to work through their summer vacation. A survey of 1,000 bosses and underlings in various professions was conducted by Fierce, Inc, a leadership development and training company. Sixty percent said vacations didn't relieve their stress and 25% retuned to work more stressed. It seems 41.6% contacted the office at least every other day and 6.5% checked in multiple times a day. Only 25.8% of respondents had no office contact during vacation. They took an "official" vacation.

by: Knight Pierce Hirst

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