Data and Research March 14, 2018

19% of Working Americans Are Not Saving Anything

Expenses are cited as the main reason why they are failing to save anything, Bankrate.com found in a survey

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Nearly 20% of working Americans are not saving any money, according to a Bankrate.com survey. The number one reason they gave for not saving was having too many expenses, cited by 39%. Sixteen percent said their job isn’t good enough, 16% said they haven’t gotten around to it, and 13% said debt was preventing them from saving.

Among those who are saving, 27% say they are saving more than 10% of their salary, and 16% are saving more than 15%.

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“With a steady, significant share of the working population saving nothing or relatively little, it’s virtually guaranteed they’ll be unable to afford a modest emergency expense or finance retirement,” says Mark Hamrick, senior economist at Bankrate.com. “That amounts to a financial fail. With higher incomes coming in because of the tax cut and rising wages, there are ready sources to help fund savings.”

Twenty percent of those earning more than $75,000 a year are saving more than 15%. Twenty-three percent of younger Millennials, those between the ages of 18 and 27, are saving more than 15% of their incomes, and 27% of older Baby Boomers are saving more than 15% of their incomes.

The same can be said for 21% of college grads. By comparison, only 18% of those with some college education are saving 15% or more of their income, and just 9% of those with a high school diploma or some high school education.

Twenty percent of Millennials said their job isn’t good enough, and 27% of the Silent Generation, those 73 and older, said they don’t need to save more.

Those citing debt as the reason for failing to save more often tended to be those with higher incomes, including 17% of those making $75,000 or more. Twenty-seven percent of Republicans, 13% of Democrats and 10% of Independents blamed debt as an obstacle to saving.

SSRS conducted the land line and cell phone survey among 1,010 people for Bankrate.com between Feb. 28 and March 4. Of this group, 501 are employed.

Break from the Grind March 13, 2018

Hiring Managers Cite Latest Interview Blunders

One candidate asked for a cocktail.
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According to a new CareerBuilder survey conducted by The Harris Poll, around half of employers (49%) know within the first five minutes of an interview if a candidate is a good or bad fit for a position, and 8% make up their mind within a half hour or longer.

 

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Hiring managers and human resource professionals shared the most unusual things job candidates have done during the interview process:

  • Candidate did not have the skills to do the job and stated, “Fake it until you make it” as his personal philosophy.
  • Candidate asked interviewer if she was qualified to be doing her job.
  • Candidate asked for a cocktail.
  • Candidate asked to taste the interviewer’s coffee.
  • Candidate called a government job “something government-y.”
  • Candidate came to interview wearing slippers.
  • Candidate wore a Darth Vader outfit to the interview.
  • Candidate spent a lot of time quoting Dwight D. Eisenhower, which had nothing to do with the position he was interviewing for.
  • Candidate leaned far forward with his head down during the first five minutes of the interview.
  • Candidate offered interviewer pumpkins and said they transfer good energy.
  • Candidate pulled out a bag of drugs with his keys.
  • Candidate broke out in song in the middle of the interview.

 

Survey respondents also offered mistakes that will hurt a job candidate’s chances.

  • Caught lying about something: 71%;
  • Answers a cell phone or texts during the interview: 67%;
  • Appears arrogant or entitled: 59%;
  • Appears to have a lack of accountability: 52%;
  • Swears: 51%;
  • Dresses inappropriately: 50%;
  • Talks negatively about current or previous employers: 48%;
  • Knows nothing about the job or company: 45%;
  • Has unprofessional body language: 43%;
  • Knows nothing about the industry or competitors: 35%;
  • Fails to make eye contact: 68;
  • Doesn’t smile: 38%;
  • Plays with something on the table: 36%;
  • Fidgets too much in his/her seat: 32%;
  • Bad posture: 31%;
  • Crosses their arms over their chest: 31%;
  • Plays with hair or touches one’s face: 26%;
  • Handshake is too weak: 22%;
  • Uses too many hand gestures: 13%; and
  • Handshake is too strong: 8%.

 

The survey was conducted online within the U.S. by The Harris Poll on behalf of CareerBuilder among 1,014 hiring and human resource managers ages 18 and older (employed full-time, not self-employed, non-government), including 888 in the private sector between November 28 and December 20, 2017.

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