The dealings of the money ultimately comes in two categories, the spenders and the savers. A French man saves 16 percent, an

Irish man saves 19 percent, whereas an American man hardly saves 4.5 percent of his income. Which simply means that the Americans are spenders and not savers. It is believed that the Americans had not learned much from great recessions about saving for rainy days.

History had many evidences that clearly dictate that American lack the quality of saving money, especially the records of the last three decades had shown that these people do not bother to think for their future time.

It is in the very genes of American to overspend and under saves for coming years. These people live the life of today without worrying about the future days, no matter how critical the days probably are. The series of interviews were conducted to read the mind of people where most of the American clearly said that saving for the retirement is not their priority, but they do not admit this fact and will to pull them out of the list of spenders. Also a lot of Americans are so poor that they cannot afford to save, some others had serious medical and health issues like delusions that become a hurdle to save for the rainy days.

A recent survey of the Association of Mature American Citizen showed that one third of Americans have less than $1000 for a rainy day. The average 50 year old has less than $50,000 in savings, quite astounding but a fact.

It is quite a controversial question that why Americans are spenders and not savers. Another survey revealed that the government of the America does not provide certain incentives for low and middle class workers, so it is not possible for them to save a particular amount per annum for the rainy days. The lower income Americans received less than 1 percent of federal tax benefits so how can they save for their retired life? On the other hand it is quite unfair to notice that high income earners are receiving 70 percent of federal tax benefits.

A report of the Consumer Federation of America notes that only one third of the population of America lives with the feeling of future comfort. And the rest are struggling hard to fulfill the necessities of their lives. It does not surprise the reader because unemployment and underemployment rates have remained high since the president Obama took the charge of the State.

This post was written by my friend Archie Kirby of Time To Break.