Posted 1/26/2024, 3:05:00 PM
Most Americans Lack Savings, Would Rely on Credit Cards or Cut Spending for a $1,000 Emergency
- Only 44% of Americans have $1,000 in emergency savings, a number that has held steady for 3 years
- Of those without savings, 21% would put a $1,000 bill on a credit card, 16% would cut back spending, and 10% would ask friends/family
- High inflation (63%), interest rates (45%), and job changes (41%) have prevented people from saving
- According to a financial psychologist, humans aren't wired to save due to focusing on immediate needs
- Now is the time to prepare for unexpected emergencies by spending less, saving more, and naming your savings account something motivating