Recent survey says nearly half of all Americans have less than $500 in savings

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Got five Benjamin Franklins stored under the mattress? You’re doing pretty good then.

Nearly half of Americans don’t have more than $500 saved up, according to a recent study by CreditDonkey.com, a credit card comparison company. Of the roughly 1,100 Americans polled, 41 percent reported having less than half a grand of readily-accessible savings at hand.

With so many convenient and accessible options available in terms of savings accounts, why are Americans choosing to forego this financial security measure? Most saving account options are easy ways of storing money safely, while also earning interest at the same time. Perhaps the reason Americans are not saving as much is because it would just mean more money taken out of their income taxes at tax time. Still though, if more taxes were the problem, one could simply choose to invest into a tax-deferred account, such as an IRA.

With the country struggling to recover income lost during the recession, the study isn’t the first to make clear the desperate state of so many Americans’ finances. Back in March, it was estimated that less than a third of American workers had savings of $1,000 or less, according to a study by the Employee Benefit Research Institute. Click below for full story - 

 IMAGE: straight2theheart