Most Americans Cannot Afford a $1000 Emergency Expense !!
Channel: The Nomad Economist
Date: 13/01/2021

Most Americans Cannot Afford a $1000 Emergency Expense
Most Americans couldn't cover a $1,000 financial emergency, survey finds.
Fewer than 4 in 10 Americans have enough money set aside to cover an unexpected $1,000 expense, such as a trip to the ER or car repairs, according to a new survey.

Many households have been able to stockpile savings because they can work from home or have eliminated travel or entertainment spending. But for millions of others, job losses and pay cuts have sent them on a precarious downward slide.
The nationwide poll, conducted in December by Bankrate and released Monday, illustrates the widespread economic insecurity following the coronavirus pandemic, which has magnified a sharp rise in inequality over the last 40 decades. The provider of financial advice for consumers found that only 39% of respondents could handle a surprise bill for that amount, while another 38% would have to borrow the money through credit cards, family or other means.
The rest of the survey respondents indicated they would have to leverage themselves somehow to pay the $1,000 expense — 38% said they would borrow the money, 18% would charge it on a credit card, 12% would borrow from friends or family, and 8% would take out a personal loan.



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