Majority of Americans added to their savings in Q1: Report

According to a survey from Santander Bank, about 80% of Americans have less than $25,000 in their savings accounts. As inflation concerns grow, worries about how much Americans think they need to save for retirement are also increasing.
Santander US CEO Tim Wennes joins Wealth! to give insight into how Americans are putting away money for savings and key tips for savings management.
Wennes says Americans must start by checking in with themselves on several key questions: "Assess where you're at. How much do you have in savings? What interest rate are you earning, and what are some of the other options? For some people, if you haven't started savings or you're not accumulating as much savings as you would like, make sure you're setting the appropriate goals and make it easy for yourself to save. Pay yourself first. Set up that automated transfer into your savings account right when your paycheck comes in, to help you start to accumulate those savings."
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[@jamalparks1906]

Where are they getting these stats?

[@JoJo-ie8sl]

the land of make believe

[@cjsnylons]

Democrat news media. You will believe what they tell you.

[@JimMcNutty]

I thought the consumer is tapped out? They will say people are fine and then next hour how they are screwed. It’s crazy how much they bounce around on numbers for “content”

[@-TheOracle-]

It is called key jangling. It is a distraction method to keep the lower class guessing.

[@jerryrichardson2799]

I have to agree with others who wondered where these numbers come from, but your guest makes a good point about what people should be doing with their savings, something I need to work on. Also, what about all the people who _don't_ have savings accounts, how many of those people are there? Voted up, but a so-so report, at best.

[@WeekiWacheeMax]

Do these savings figures take into account investments or is it just cash savings in addition to investments?

[@Dematsa]

They don’t say lol leaving us on a cliff hanger here

[@WeekiWacheeMax]

@@Dematsa I THINK what they're talking about are bank savings accounts only, with no considerations for cash in stock market accounts(probably money markets)and not considering stock or bond investments.

[@invisiblesun6595]

@@WeekiWacheeMax I'm certain those government investments for short, middle and long term are also being factored into their little tale to astonish about most Americans saving.

[@WeekiWacheeMax]

@@invisiblesun6595 That's a CEO of the bank that surveyed other banks and only has to do with people who have saving accounts.

[@DeerfieldDiscGolf]

No one has money in bank savings accounts. That money was transferred to wherever it can make 4-5% and that is not in mainstream bank savings accounts.

[@alphaj9]

Get in at a good credit union. I get 4.86% on my high interest savings acct.

[@brett9358]

I get 4.25% for normal Savings account at Ally

[@invisiblesun6595]

@@alphaj9 Why not just invest it in short term bonds? 5.28% plus no state/local taxes.

[@Goldenj360]

How are people adding to their savings while consumer debt is creating new highs?

[@ThatonedudeCR12956]

They aren't the same people. People saving are saving more and people in debt are taking on more debt.

[@Goldenj360]

@@ThatonedudeCR12956 that makes sense. That must also be why companies targeting lower income consumers are reporting weak earnings while companies targeting high income consumers continue to show strong growth

[@michael589m]

This was a great discussion. More people need to hear his message and understand the opportunities and options that are available in this economic environment. It all starts with education.

[@TerribleTampaTim]

Most people don't have all of their savings in one account. That alone could make all of this inaccurate. Hopefully, savings are higher than they are presented here.

[@AKAAAK]

Happy I'm in that 20% segment.....

[@kimannepark4709]

How many percentage have 500 grand or 1M dollars ins avings?

[@fernandovalle_lovemylife]

Nice I'm in the 20% group with more than $20k in savings

[@bobthegamer1880]

Yep makes 2 of us

[@AKAAAK]

Makes 3 here 😊

[@mxmus08]

🫰

[@Marques127]

rich

[@lalawatter0989]

you should invest them rather than giving to banks

[@animusadvertere3371]

You really think a survey about topics like this is accurate? People are embarrassed when they have bad habits and are reluctant to admit it.

[@squiggy18]

Are these excess savings on top of investments and emergency cash? If so, then yeah, there isn't a need to keep on saving if both investments and emergency cash are met for that month.

[@chessdad182]

You never know when you will get the phone call from the relative saying they need help.

[@HenggaoCai]

The personal savings rate in the US is 3.2%.

[@JunkSock]

People generally do better and better, yes… savings get built over time and then quickly crushed when the time comes

[@anniealexander9616]

People are increasing their emergency fund in fear of a layoff, rather than investing that money.

[@theblackphantomhd]

I have about $15,000 between CD's savings and Checking...now that I have that I will probably start aggressively putting money into brokerage, retirement, and a business account to start a business.

[@MyAcsm]

First of all, why would you have 20+k in a savings account?

[@-.TS.-]

High interest rate and uncertain equity market. Also 20k is usually less than 5% of net worth (assuming median of $400k)

[@J-wu8sc]

An emergency fund, down payment fund, new car fund, vacation fund ect.

[@jbrc1322]

6-12 months of expenses in a high yield savings account is ideal as a safety net

[@southrichmondtofl]

Dave Ramsey and The Money Guys are two channels that would serve you greatly.

[@AnthonyLopez-di5vv]

HYSA, that’s why.

[@deadm0ney]

I have $30k in my savings and I'm $150k in debt.

[@RideRedRacer]

Go watch Dave Ramsey. You're doing it backwards if that is consumer debt. if thats a home mortgage, you're doing great

[@-TheOracle-]

​@@RideRedRacerwinner winner chicken dinner. You must be an absolute genius. 😅

[@RideRedRacer]

@@-TheOracle- Dave has helped me be on track for success. I look at money completely different now

[@FaintAura]

@@RideRedRacer that depends on if they have their savings in a HYSA, in addition to what the interest rate on the debt is

[@deadm0ney]

I'm just making a point that their statistics of people with $$ in a savings account doesn't tell the real story of debt

[@prancer4743]

Listen to the Ramsey show it will help you with your financial situation 🙏😉👍😁💰

[@jerryrichardson2799]

I'm a "medium" saver, unbelievable.

[@dystopia-usa]

10% are doing pretty good still. 90% are screwed, though some can mask it better by being in a 2+ income household. The result of 40-50 years of a sell-out duopoly government & purposeful oligarchy-building here in the USA.

[@oscarp2629]

To all my Trump supporters, don't be silenced, don't be shamed, don't be afraid. That's what the masses want - keeping you in the shadows, keeping you quiet without a voice. Speaking up is your God-given right - use it or lose it. Stand strong 💪 stand united 🇺🇸

[@TheMarc388]

Lmfaoo

[@TanSpaceX]

The markets should hit new highs this year! Wages have outpaced inflation since February 2023, thanks to Biden's long-term investments in the US.

[@-.TS.-]

Yes, primed for re-election!

[@southrichmondtofl]

Put the dope down man!!!

[@RideRedRacer]

Lmfao

[@RideRedRacer]

You should be a comedian

[@southrichmondtofl]

@@RideRedRacer LoL! Exactly!! "bidens long term investment". would be hilarious if it wasn't so sad!!