America Saves Week – The Dwindling Savings Rate
Well, it is American Saves Week and here at Debt Roundup we are trying to show how you can save as much as you can even though the interest rates you earn are dismal at best. As the years have progressed, savers have really had to work harder to keep money in their pockets and in their bank accounts. This global economy is not a saver’s economy. You might not have any problems shelling out money, but if you want to sock it away for a rainy day, you are no longer rewarded. This mentality has to change. We need to bring the saver back, especially in the US and Canada.
Related: 13 Ways to Save Money
The infographic below really makes me upset. It just shows how far we have fallen from being a good saving society to an overspending, have it now society. The ones that are currently rewarded are the ones that want to make purchases, especially homes and purchasing cars. Banks are providing savers paltry interest rates and then lending that money to another person for a much bigger rate. Banks make the money and savers get the short end of the stick. This trend just frustrates me. I have been working hard on saving money in order to put myself in a better financial position and now I have to resort to rate chasing. Now, I have a couple savings accounts at a Credit Union and Ally Bank.
I hope you enjoy the infographic as I know that I have, but not in an uplifting manner. We need to work on this trend and start saving more money. Only saving an average of 2.7% of our 2013 income, we are only hurting ourselves.
Infographic provided by Visual.ly
How do you feel about this infographic? Do you feel as upset about this ugly trend as I do?