Quote:

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https://www.bankrate.com/banking/savings/emergency-savings-report/


Many Americans have long struggled to build savings. However, high inflation and interest rates since the COVID-19 pandemic have made it even more difficult for people to save for emergencies.

Only around 2 in 5 (41 percent) Americans would use their savings to pay for a major unexpected expense, such as $1,000 for an emergency room visit or car repair, according to a new Bankrate poll. That's down from 44 percent a year ago. Instead of reaching for their savings, other people would pay for a $1,000 unexpected expense by financing it with a credit card they'd pay off over time, reducing their spending on other things, taking out a personal loan, borrowing from family or friends or other methods.

This data comes from Bankrate's yearly Emergency Savings Report, an exclusive survey-based report conducted by Bankrate and polling partner SSRS. Since 2014, the survey has annually polled 1,000+ U.S. adults about their levels of debt and emergency savings. The most recent data, polled in December 2024, specifically examines what's causing people to save less and how people would feel about affording their living expenses in case of a loss of income.

43% of U.S. adults would pay for an unexpected emergency expense (such as $1,000 for an emergency room visit or car repair) by borrowing money in some form. That includes 25% of people who would use a credit card and pay it off over time, up from 21% in 2024.

27% of U.S. adults have no emergency savings, as of May 2024 polling the highest percentage since 2020.


"We are essentially a paycheck-to-paycheck nation. Fewer Americans have the equivalent of a financial safety net to cover inevitable unexpected expenses, despite low unemployment and steady growth" MARK HAMRICK, BANKRATE SENIOR ECONOMIC ANALYST

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The overall number is a little misleading because people still have payment options to absorb an emergency expense. However this study still indicates issues within the overall economy.


In other words.....
60% X 330 Million citizens = 198,000,000 Americans don't have $1,000 in savings to absorb an emergency payment......



Anyone else think that the prior admin was flat out lying about the economy?

The last 3-4 years of inflation has a huge part of this country completely tapped out. Amazing number of people have 2-3 jobs just to make ends meet. I believe that the previous Admin counted each part time job as a full time job employing a person in order to make the jobs numbers look good.

Credit cards are all many people have to fall back on when an unexpected expense comes up. If there is another huge hit to the economy a huge number of people will suddenly be homeless and hungry.

Yes, the previous Admin lied their asses off about the state of the economy. I hope Trumps Admin very loudly and publicly make some huge corrections to the last couple of years economic stats. Dramatically show how much the Brandon Admin LIED to the American people.

Kind of makes you wonder why Trump is begging to lower interest rates to speed up the money machine again. Sounds like we need to keep clamping down on inflation.

Krombopulos Michael said:

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Quote:

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https://www.bankrate.com/banking/savings/emergency-savings-report/


Many Americans have long struggled to build savings. However, high inflation and interest rates since the COVID-19 pandemic have made it even more difficult for people to save for emergencies.

Only around 2 in 5 (41 percent) Americans would use their savings to pay for a major unexpected expense, such as $1,000 for an emergency room visit or car repair, according to a new Bankrate poll. That's down from 44 percent a year ago. Instead of reaching for their savings, other people would pay for a $1,000 unexpected expense by financing it with a credit card they'd pay off over time, reducing their spending on other things, taking out a personal loan, borrowing from family or friends or other methods.

This data comes from Bankrate's yearly Emergency Savings Report, an exclusive survey-based report conducted by Bankrate and polling partner SSRS. Since 2014, the survey has annually polled 1,000+ U.S. adults about their levels of debt and emergency savings. The most recent data, polled in December 2024, specifically examines what's causing people to save less and how people would feel about affording their living expenses in case of a loss of income.

43% of U.S. adults would pay for an unexpected emergency expense (such as $1,000 for an emergency room visit or car repair) by borrowing money in some form. That includes 25% of people who would use a credit card and pay it off over time, up from 21% in 2024.

27% of U.S. adults have no emergency savings, as of May 2024 polling the highest percentage since 2020.


"We are essentially a paycheck-to-paycheck nation. Fewer Americans have the equivalent of a financial safety net to cover inevitable unexpected expenses, despite low unemployment and steady growth" MARK HAMRICK, BANKRATE SENIOR ECONOMIC ANALYST

---

The overall number is a little misleading because people still have payment options to absorb an emergency expense. However this study still indicates issues within the overall economy.


In other words.....
60% X 330 Million citizens = 198,000,000 Americans don't have $1,000 in savings to absorb an emergency payment......



Anyone else think that the prior admin was flat out lying about the economy?

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There are not 330m adults in America.

rgag12 said:

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Kind of makes you wonder why Trump is begging to lower interest rates to speed up the money machine again. Sounds like we need to keep clamping down on inflation.

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Trump is out of touch on that issue imo. He always wants cheap money.

There aren't even 100 million ADULTS in the country!

I hope those people don't visit Texags, they will feel even more poor after finding out how much everyone on here makes (besides me lol poor)