Most Americans Lack Savings to Cover $1,000 Emergency Expense Amid High Inflation
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Survey shows only 44% of Americans have enough savings to cover a $1000 emergency expense. 35% would resort to borrowing money instead.
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Inflation (63%) and rising interest rates (45%) are top reasons cited for saving less money for emergencies.
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66% worry about not having enough savings to cover living expenses if they lost their income.
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57% are uncomfortable with their current emergency savings, though only 22% have no savings at all.
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Expert says high interest rates present "advantageous moment" to build emergency savings in high-yield accounts.