Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to the poll conducted by Associated Press-NORC Center for Public Affairs Research. Three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have difficulty coming up with $1,000 to cover an unexpected bill. Even for the country’s wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000. Having a modest, immediately available emergency fund is recognized as critical to financial health. Families that have even a small amount of non-retirement savings, between $250 and $749, are less likely to be evicted from their homes and less likely to need public benefits, an Urban Institute study found. (ap.org)
Mrs. Picky Pincher says
That’s unsurprising but disheartening to hear. Overconsumption is the first issue to tackle.