Study: Less than half of American families have $1000 Available for ‘Emergencies’

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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 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.

Eighteen percent of the more than 1,000 adults surveyed said they would finance a $1,000 expense with a credit card and pay it off over time, while 12% would borrow from family members or friends. Another 8% said they’d take out a personal loan.

https://www.cbsnews.com/news/financial-emergency-savings-americans-cover/

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