Tag Archives: emergency expense

Sharp increase in prices deflating most Americans’ bank accounts

Brooklyn-Grocery-Store

Important Takeaways:

  • Most Americans cannot afford a $1K emergency expense
  • A majority of Americans say a $1,000 emergency expense would be too great of a hit to their savings and that they could not afford it, according to new data released Wednesday.
  • Bankrate’s latest survey results found 56% of U.S. adults lack the emergency funds to handle a $1,000 unexpected expense and one-third (35%) said they would have to borrow the money somehow to pay for it.
  • Of those, 21% said they would likely put such an expense on a credit card, while 10% said they would borrow the funds from a family member or friend, and 4% said they would take out a personal loan. Sixteen percent said they would reduce their spending in other areas to cover the bill.
  • “All too many Americans are playing with fire when it comes to their personal finances in the sense that they don’t have more in emergency savings,” said Bankrate senior economic analyst Mark Hamrich. “Inflation has been a key culprit standing in the way of further progress on the savings front.”

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More Americans today can’t afford to save $1,000 for an Emergency

Emergency Savings

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • 57% of Americans can’t afford a $1,000 emergency expense, says new report. A look at why Americans are saving less and how you can boost your emergency savings
  • According to Bankrate’s Annual Emergency Fund Report, 68% of people are worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income. And when push comes to shove, the majority (57%) of U.S. adults are currently unable to afford a $1,000 emergency expense.
  • When broken down by generation, Gen Zers (85%) and millennials (79%) are more likely to be worried about covering an emergency expense.
  • The top reason cited by respondents (74%) was inflation. Rising costs have put added pressure on the average American’s wallet

Read the original article by clicking here.