Even people in the top 20 percent, those earning over $100,000, would be a little stretched to produce $1,000 on the spot, as MHProNews understands.
Although two-thirds of Americans say they are secure in their finances, a majority of our fellow citizens could not easily cover an unexpected bill of $1,000. A third said they would have to borrow the money or pay with a credit card, while 13 percent would skip paying other bills and 11 percent said they would not pay the bill.
The AP-NORC study correlates with 2015 Federal Reserve research that indicated 47 percent of Americans could not immediately cover a $400 debt.
Extending out to retirement savings, 54 percent of working Americans say they are not sure they will have enough savings to retire when they want to; only 14 percent have enough to retire when they want.
In the same survey, 46 percent of workers say their incomes have not risen in five years, and 16 percent say they have experienced salary cuts, while costs for food, housing and insurance have increased.
William R. Emmons, a senior economic adviser at the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis,said, “Many families are still struggling with debt from the housing bubble and borrowing boom. And the recent economic stresses make it much more likely families are going to be fighting basic financial issues.” ##
(Image credit: forbes)
