6 in 10 Millennials Would Be Unable to Cover a $1,000 Emergency
December 20, 2018
A new survey has shed light on the savings habits of Americans, and the results show a population largely unprepared for life’s curveballs. The survey, conducted by Lending Tree, found that 60 percent of millennials (which the survey classifies as those between the ages of 22 and 37) don’t have enough saved to cover an unexpected bill of $1,000, and would have to resort to borrowing from family or friends, selling something, or using a credit card to cover the expense.
Though millennials fared the worst, other age groups would also have trouble. 52 percent of Gen Xers (those aged 38-53) would be unable to cover the bill, and 40 percent of baby boomers (aged 54-72) wouldn’t be able to either. On the whole, more than half of all Americans, 52 percent, don’t have enough saved up to cover the $1,000 bill.