Survey shows fewer Americans can afford to cover emergency expense with savings

A news study finds that 57% of people are unable to afford an emergency expense of $1,000 or more from their savings.

More families are saving less money and couldn’t afford a major emergency right now using their savings, according to a recent nationwide poll byThis new survey highlights how inflation is impacting so many families nationwide. Researchers say the concerns aren’t just limited to paying for an emergency. They say many families also worry about managing monthly expenses.

“These kinds of expenses can be much more than $1,000 so this is just a starting point, to take a look at this issue,” said Hamrick. “You do not want to have to pay those potentially, very high rates of interest if you’re failing to pay the credit card debt off within the billing cycle or within a month,” said Hamrick.

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