3 In 5 Americans Don’t Have Savings To Cover Unexpected Bills
While various CNBC anchors may be willing to say that the US is “growing gangbusters” yet again confusing the liquidity-oozing equity markets with the economy, there are a couple hundred million Americans who would bet to differ (which incidentally may also explain why the Comcast channel no longer wishes to have its viewership calculated by Nielsen): the reason is that according to the latest Bankrate survey released today, more than three in five Americans don’t have money in their savings accounts to cover any unexpected bills such as a $500 car repair or a $1,000 emergency room visit.
In fact, only 38% of respondents said they have enough funds in their bank accounts to cover even the most mundane of spending emergencies.. Most others would need to take on debt or cut back elsewhere.
As the WSJ reports, citing Bankrate banking analyst Claes Bell, “a solid majority of Americans say they have a household budget but too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”
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