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Survey: More Americans Unable to Save Money

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NASHVILLE, Tenn.-- According to a national survey conducted by the American Savings Education Council, most Americans are able to pay their immediate bills, but 63% say their are making "fair" or "no" progress in terms of savings. 

In 2010, 73% of those surveyed reported their expenses were less than their income and they were able to put money into savings. Now, only 68% are able to put money aside after meeting obligations. 

The report says a factor in these results could stem from the differences between the lower-middle class, middle class and upper class income households who were hit by the Great Recession. . The group hit the hardest by the Great Recession and its aftereffects have been moderate income households. The rest of the middle class was not damaged as severely, and lower income households were protected somewhat by the social safety net says a CFA representative. 

69 percent of those earning $25-50k spend less than their income and save the difference compared to 82 percent of those who earn $50-75k annually. 

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