Majority Of Americans Are One Surprise Away From Financial Disaster, Survey Says


 

It’s a conundrum befitting the post-recession years: a new study has revealed that while a vast majority of Americans say they follow a budget, barely more than a third of those same adults could pay for a $1,000 or even $500 emergency expense using funds stashed in a savings account. In other words? Despite the guise of fiscal stability, a majority of Americans are just one unexpected expense away from serious financial trouble.

The study, from Bankrate.com, revealed that 82% of Americans keep a household budget (though 18% say they keep their budget “in their head” so perhaps that figure should have an asterisk), yet only 38% have enough money in savings to cover a surprise trip to the ER, flat tire, or other unexpected expense. The rest of the survey respondents said they’d try to cover the expense through methods like reducing their spending in other categories (26% said this), borrow money from family or friends (16%) or charge it to a credit card (12%).

http://www.forbes.com/sites/maggiemcgrath/2015/01/07/majority-of-americans-are-one-surprise-away-from-financial-disaster-survey-says/

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