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Despite a strong labor market and wage growth, American workers aren’t adding much to their savings, according to a new survey from 20% of respondents don’t save any of their annual income while only 16% are saving more than the recommended 15% of their earnings, the survey found. Bankrate estimates that half the U.S. population won’t be able to maintain their standard of living in retirement, CNBC reports.

"With a steady, significant share of the working population saving nothing or relatively little, it's virtually guaranteed that they'll be unable to afford a modest emergency expense or finance retirement," says Mark Hamrick, senior economic analyst at Bankrate. "That amounts to a financial fail."

39% of survey responses said expenses were the biggest reason they were not saving, followed by 16% who said they didn’t have a “good enough job.” The average American has less than $5,000 in a financial account, the survey reports.

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