Most Americans Have No Savings

People who have no savings are more likely to follow after fake political saviors.

Wednesday I plunked down a little over $600 for car repairs. It was exceedingly painful, but evidently not as painful as it is for many of my neighbors. Consider this story at Market Watch: “Most Americans are one paycheck away from the street.”

Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults by personal finance website Bankrate.com.

My main complaint in recent times has been that every time I get extra work with the intent of saving the income, an expense pops up about the same time that gobbles it up. But… when I come to my senses, I thank God, because even though my savings remain “challenged” at least we haven’t had to go into debt.

[See also, “One Fifth of Seniors Have Nothing Saved for Retirement; Almost One Third of Everyone Have Nothing Saved.”]

It’s a living application of the line in the Lord’s Prayer: “Give us this day our daily bread.” With an abundance of savings it’s easy to start falsely believing they will be your “Provider” for the future, rather than God’s mercies.

(Don’t get me wrong, I firmly believe you need the discipline to save a portion of every paycheck, but even when you do so, one must never forget the principle: “You shall remember the LORD your God, for it is he who gives you power to get wealth…” Deuteronomy 8:18a ESV)

free money trap

Studies like the one cited by Market Watch scare me, and pretty much confirm that government will be the “Uncle Sam Sugar Daddy” of choice for a generation or two to come—unless there is a collapse first. The most frightening aspect to ponder is what happens when the false god of government fails—where will people turn then?

The net worth of American families — that is, the difference between the values of their assets, including homes and investments, and liabilities — fell to $81,400 in 2013, down slightly from $82,300 in 2010, but a long way off the $135,700 in 2007, according to a report released last month by the nonprofit think tank Pew Research Center in Washington, D.C.

History shows that when failed principles and policies pile up, governments turn on the people (we’re in-process), and the people turn on each other. Many of us are seemingly depending on Social Security to be there for us in our later years. What if it’s not? Given the economics, that’s a reality we’d better consider.