3/30/2015 – Why Many Middle-Class Households Are Outsaving the Wealthy (Money)

Can it be that Americans are finally getting the message about saving for retirement?

Granted, studies have repeatedly confirmed America’s lack of savings. And the overall results of a new Bankrate.com survey seem to add to the pile: One in five Americans is saving nothing at all, while 28% are saving just 5% of their income or less. Overall, a mere 24% are saving more than 10% of their incomes, and only 14% of Americans are stashing away more than 15%.

But the survey also highlights an emerging countertrend: Many Americans are saving a lot—and, shocker, they’re folks in the middle class. Some 35% of households earning between $50,000 and $74,999 are putting away more than 10% of their incomes, including 14% who are saving more than 15%, according to Bankrate.com’s Financial Security Index. By contrast, only 19% of higher-income households (those earning $75,000 or more) are saving at that rate.

Read the full article at Money.