how much money do the average person have saved for a rainy day?

Answer 1

For the U.S., median household net worth in 2004 was $93,100. Of course, 'net worth' includes everything you own (stocks, bonds, your house, etc.) minus everything you owe (mortgages, credit cards, etc.) so that might not be precisely the figure you were looking for...

Answer 2

I know what you mean. I get a little more money then you do. It's tough. But I manage to save my money. When I first moved on my own I had all hand me down, garage sale finds and stuff I found on garbage day for furniture I am slowly replacing them with brand new stuff. One piece at a time. Right now I am saving to get myself a recliner chair. I will have it by the end of this year. Last year I saved up for a desk and the year before a mattress for my bed. I also saved enough money to live off of for one month, in case the bank or whoever messes up and I don't get the amount I should one month. It's happened. I started this account before I moved out on my own as a back-up plan. I think everyone should have this no matter how much money they make. Just have the money there for an emergency and nothing else. I think it is important for people to save-up their money for something they really want.

Answer 3

The recommended amount to have saved for emergencies is three to eight months salary.

Considering how many people live paycheck to paycheck or live far beyond their means, I would doubt if the average working person has more than a few weeks of savings.

A pretty sad realization, to say the least.

Answer 4

That would depend upon whether or not your idea of the "average person" had children, and if so, how many, and is there a working marriage partner or co-parent who faithfully pays child support. I am formerly a single parent and now a married mother of three with a contributing partner. I can tell you that my circumstances have drastically improved, but my savings still fluctuates. Although I would never EVER want to be without my children, I spend a great deal of money trying to give them everything I never had as a child.

Answer 5

I don't know anyone who has any money in savings, any more.
Not around my area in Arkansas, any way.
Senior citizens are having to decide between their medicine
and electricity.
Electric rates have rose a lot with the increase in gasoline prices. Natural gas for heating has gone up, too.

Working families are having to cut back on food and other
necessities just to afford the rising costs of everything.
Noone that I know has got a raise in the last year.

Some people I know have had to quit their jobs because they couldn't afford gas to commute back and forth to work as well as their car payment. We have no public transportation around here. Many people commute 1 hour each way to work.
Cars are getting repossesed around here a lot. People aren't
able to afford the stuff they were renting from Rent a center or aarons and it's being repoed.
I know one family, right now who doesn't have any living room furniture because they can't afford the rent to own payment and gas to get back and forth to work.
Still another family lost their phone and internet service because they couldn't afford that and the other bills do to gas prices going up.....
SO, to answer your question I don't believe anyone has anything in savings anymore.

Answer 6

Have about three months saved. This will give you time to find a new job or to get back to work if you need to take medical leave. It will also make you feel better knowing you have a safety net in place.

Answer 7

I have about six months in emergency money saved in cash. Everything else is in investments.

Answer 8

It really depends on the target demographic. People with larger incomes thus have larger savings (and expendable income). Likewise with people of smaller incomes.

Answer 9

Most people have saved nothing. Most are living from paycheck to paycheck.

Answer 10

A single dollar!