About half of Americans are saving no more than 5% of their incomes, according to a Bankrate.com report. Roughly one in five (18%) are saving nothing at all, plus 28% who are saving something, but not more than 5%.
America’s best savers are the middle class. More than one-third (35%) of households with annual income between $50,000 and $74,999 are saving more than 10% of their incomes, a rate that outpaces even the highest-income households.
Read: U.S. retirement crisis worsens: Report
“This proves the old adage that what counts isn’t how much you make, but how much you have left over,” says Greg McBride, Bankrate.com’s chief financial analyst.
Overall, fewer than one in four Americans (24%) are saving more than 10% of their incomes. That figure includes 14% (one in seven Americans) who are saving more than 15%.
Those in the western U.S. are out-saving their counterparts elsewhere around the country; 31% of westerners are saving more than 10% of their incomes, compared with just 20% of southerners. The picture isn’t entirely rosy out west, however, because 19% of westerners aren’t saving anything. That’s worse than all other regions.
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