Posted on 02/01/2022 1:09:12 PM PST by blam
A mere 44% of Americans have enough savings to cover an unplanned expense of $1,000, according to a Bankrate.com survey. The number means that the majority of Americans would need to use other methods, aside from their personal savings, to pay for an emergency expense.
While the findings may be surprising to some, they represent an improvement compared to last year, when 39% said they have enough money saved for a $1,000 emergency expense. Greg McBride, chief financial analyst for Bankrate.com, says, “While the ability to cover an unplanned $1,000 expense from savings is the best we’ve seen over the past eight years, the majority of Americans still cannot afford to do so,” further representing the struggles Americans face in their personal finances.
Reliance on Borrowing Is High
McBride adds, “The reliance on borrowing is still high, with more than one-third of households having to turn to a credit card, personal loan, or family and friends in the face of unplanned expenses.”
Bankrate says 20% and 15% pay for sudden expenses on their credit card, or cut back on other expenses. A further 10% borrow money from family or friends.
The survey also found that age barely mattered in ability to cover an unplanned expense, with 49% of the Silent Generation (age 77 and up) being the top cohort, followed closely by 48% of Gen X (ages 42-57) and 44% of Baby Boomers (ages 58-76).
“Experts recommend that people in most age groups have an emergency fund that covers three to six months’ worth of your expenses. Those who are retired and receiving a considerable amount from investment accounts should consider saving more,” per Bankrate.com.
Inflation Putting a Dent on Savings
With the highest inflation increase in 40 years in the U.S., as well as record numbers of Americans in debt...
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(Excerpt) Read more at newsmax.com ...
Why work when broke ass uncle sam will pay your entire life, and you’ll make more then actually working?
“While the findings may be surprising to some, they represent an improvement compared to last year, when 39% said they have enough money saved for a $1,000 emergency expense.”
Inflation.
Have you looked at the jobs available in your area? Just curious. Because the qualifications to get a menial job are so stringent, as to be impossible to get.
It’s not like the old days when you “pound the pavement.”
It used to be much higher before Dufus became President, but inflation has eaten a good part of that away. Thanks, Joe.
The American public is stupid, and dependent. But... they have great unearned self esteem and a sense of entitlement.
All by design.
I mean considering the government literally gave most people well over $1000 last year, this is pretty sad.
gimme dat stimmie....
A lot of them require real work, like pulling orders in a warehouse (nice weather for that now in Alabama, but a few months from now your water jug will be your BFF).
Some employers have a lot of wishful thinking in their job listings ... but right now, the reality is that if you can submit a not-grossly-ungrammatical and misspelled application and can show up to an interview sober and marginally groomed, you can get a $15/hour job doing something in a few days in most of the country.
Will it be this way in six or nine months? Maybe. But now? Yes.
I’ve been told you have to be able to fog a mirror, have a heartbeat, and the hardest one show up.
It is a complicated issue.
50% of the country is doing great record home prices, record stock market returns. If you are educated or have a skilled trade the world is waiting for you.
The other 50% are barely treading water.
Globalism has destroyed this country for the bottom 50% and when automation kicks in and 4 million truck drivers lose their jobs to self driving trucks and factories and Wal Marts become totally automated one day there is going to be a great revolt.
Nope.
D-Employment jobs cannot offset the costs of living.
Housing⬆
Rent⬆
Energy⬆
Transportation⬆
Transportation maintenance⬆
Vehicle prices⬆
Property taxes⬆
Food⬆⬆
Taxes⬆
Costs of Goods⬆
Climb Mount Everest
I learned years ago, when I lost my job and was scared to death, to start saving every penny and buy what I need, not what I want. To this day after paying my bills, I automatically transfer the rest (minus money for groceries) into savings. Everything in my life is paid off. Economic insecurity has run my life for so long and now that I’m an old broad, it concerns me even more, no matter how much money I’ve saved.
Yep, eventually those of us who “did the right thing” and saved, are going to be the real suckers.
$1,000.00 plus plenty of tp, pt, spam, and vienna sausage here.
“Have you looked at the jobs available in your area? Just curious. Because the qualifications to get a menial job are so stringent, as to be impossible to get.”
Or as one journalist wrote an article a few months back they advertise for $18 hr then when you go all the way through the interview process and they offer you a job but say “Oh the $18 an hour job was filled but we have one for $12..will you take it??
They should have just given it directly to the bars.
So true. I've had to interview prospective employees, and many of the young applicants focus on getting lots of money despite lack of experience and knowledge. Practically had to kick them out of interview sessions because they argued that the position ($55K to $65K) wasn't enough and they wanted $90K and up. I would often go over upper management desires, by focusing on hiring older applicants with more sensible views (happy with the requirements and willing to work hard). The American public has been dumbed down... and become dependent.
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