60 Percent Of Americans Believe A Recession Is Coming – But Consumers Continue To Pile Up Debt At A Frightening Pace
Many Americans claim they simply don’t earn enough money to build any type of savings account or amass any meaningful financial assets. Now, a troubling study out of Oregon State University finds some definite statistical truth to these sentiments, concluding that over 63% of American children and 55% of Americans live in “asset poverty.”
In other words, most Americans are living right on the edge financially, and that is a very dangerous place to be. If you are not familiar with the term “asset poverty”, the following is a pretty good definition…
Asset poverty means having few or no financial assets to fall back on in the event of a financial calamity, such as losing one’s job or encountering a medical crisis. Some examples of common financial assets are vehicles, houses, savings accounts, and investments. Without these assets, weathering a financial crisis is extremely difficult.
When you really don’t have any real wealth of your own, you are essentially living paycheck to paycheck, and a single major setback can be absolutely disastrous.