Debt Burdens Increase, Retirement Savings Decrease for Many Americans
More Americans have paid off their debts compared to 12 years ago, but those who haven’t still owe a lot.
The Census Bureau says Americans who are still carrying debt owe 40 percent more than in the year 2000. The largest increase was for households led by people between 35 and 44 years old.
About 19 percent of households still have student loan debt, which is up 11 percent from a decade ago.
In other news, a new report from the Employee Benefits Research Institute shows American workers also have good reason to be afraid of retirement.
About 57 percent of workers have less than $25,000 saved. In 2008, that number was 49 percent.
Almost half of workers say they are “not too confident” or “not at all confident” that they will have enough money to cover their bills in their retirement.
For the full report from the EBRI, visit our Links page.