first_imgA robust savings is key to financial health and resilience; it’s an indicator of a person’s ability to weather financial hardships without falling into debt or poverty. Yet saving money is something the majority of Americans aren’t in the habit of doing.Nearly two-thirds (62 percent) of Americans have less than $1,000 in their savings account, found a GOBankingRates survey. That includes the 21 percent of Americans who don’t have a savings account at all.So, why is it hard to save money? Here’s a look at some of the reasons — and what you can do to overcome those psychological barriers to build a healthy savings habit.1. Saving Is ScaryNancy Molitor, Ph.D., a clinical psychologist, said that a lack of education can make money seem scarier than it is. “For many people, money is this mysterious topic that they’ve never learned a lot about,” she said. “We fear what we don’t know and what we don’t feel comfortable with.” continue reading » 32SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

Leave a Reply

Your email address will not be published. Required fields are marked *