Americans clearly having a saving problem — here’s how we fix it.

It probably comes as no shock that Americans aren’t great savers. We can look at the 5.4% personal savings rate published by the St. Louis Federal Reserve in April as confirmation of consumers’ relatively poor savings habits. Comparatively, other developed nations have personal savings rates regularly approaching the high single digits or above. Of course, the U.S. economy is also consumption-driven — 70% of U.S. GDP is based on consumption — meaning there’s a tendency among Americans to want to spend rather than save.

Source: This Percentage of Americans Have Nothing in Emergency Savings, Survey Shows — The Motley Fool

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