Even the Upper Middle Class Struggles to Save Money

Photograph by Dorgie Productions/Getty Images

Last week the Federal Reserve released a disturbing report (PDF) on the financial state of U.S. households. The report’s main findings, that Americans don’t save very much, weren’t that surprising. For the last few decades middle- and lower-middle-class families have been pinched by stagnant incomes and higher spending. But even the many members of the upper middle class are hardly saving. Low or no savings leaves them, and everyone else, in a risky position.

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