Most Americans Are One Paycheck Away From The StreetMarketWatchJan. 06, 2016 |
Biden Commutes Sentences of 37 of 40 Federal Death Row Inmates - Excludes Robert Bowers, Dylann Roof
U.S. 'Shoots Down Own Jet' Over Red Sea in 'Friendly Fire Incident'
Putin Accuses 'Ethnic Jews' of Tearing Russian Orthodox Church Apart
Ohio Senate Passes Bill Aimed at Outlawing Criticism of Israel, Criminalizing Gospel
Saudi National Rams Car Into Germans at Christmas Market in Suspected Terrorist Attack [UPDATED 2X]
Americans are starting 2016 with more job security, but most are still theoretically only one paycheck away from the street. Approximately 63% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a survey released Wednesday of 1,000 adults by personal finance website Bankrate.com, up slightly from 62% last year. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (23%), borrowing from family and/or friends (15%) or using credit cards to bridge the gap (15%). This lack of emergency savings could be a problem for millions of Americans. More than four in 10 Americans either experienced a major unexpected expense over the past 12 months or had an immediate family member who had an unexpected expense, Bankrate found. (The survey didn't specify the impact of that expense.) "Without emergency savings, you may not have money to cover needed home repairs," says Signe-Mary McKernan, senior fellow and economist at the Urban Institute, a nonprofit organization that focuses on social and economic policy. "Similarly, without emergency savings, people could raid their retirement account." Read More |