CBS News: 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.
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 precarious state of Americans’ emergency savings has been further set back by the pandemic, with nearly as many needing to borrow to cover a $1,000 unplanned expense as those that can pay for it from savings,” Greg McBride, Bankrate’s chief financial analyst, said in a statement.
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