When Paul Golden, a spokesman for the National Endowment for Financial Education based in Denver, hears that having savings is linked to climbing the ladder of income, he sees something behind the savings: budgeting.
"People who are saving more and increasing their liquidity have done more to budget," he says. "They look at how they are spending their money. If you take those steps, you will increase your wealth."
Golden says even at lower levels of income, savings is possible — and can start with just saving change. He also says that many poor are "unbanked" and so rely on check-cashing services that charge them 10 percent. "They could be saving that 10 percent," he says.
And maybe start their way up the income ladder.
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