Only 40 Percent of Americans Could Cover a $1000 Emergency
January 25, 2019
During the government shutdown, many Americans have seen how missing even one paycheck can have dire financial consequences. The reality is that the majority of American households’ finances are stretched to the point where they cannot handle anything unexpected. A new survey from personal finance company has found that just 40 percent of Americans have enough saved to be able to handle an unexpected $1,000 expense, such as a medical bill or home repair. Faced with such a situation, they would have to resort to a credit card or personal loan.
The survey also found that such an unexpected expense will likely be much more than $1,000. Of those surveyed who said they had a financial emergency in the last year, only 18 percent were less than $1,000. The most common price, 36 percent of the time, exceeded $5,000.