Over Half of Americans Lack Savings to Cover $1,000 Emergency; High Inflation Adds Strain
• 56% of U.S. adults lack funds to cover a $1,000 emergency expense; 1/3 would have to borrow money
• 21% would put $1K emergency expense on a credit card, 10% borrow from family/friends, 4% take personal loan
• Older Americans more likely to be able to cover $1K expense than younger generations
• High inflation over last 2 years has strained budgets and savings for many households
• Average credit card interest rate is near record 21%; risky to rely on credit cards for emergencies