Do you have less than $500 in savings? You’re not alone.
While it is a good idea to have extra cash in case of a financial emergency, 41 percent of Americans have less than $500 saved, according to CreditDonkey.
Surprisingly, many who don’t have $500 in savings live in two-income households, own cars, homes and some luxuries. This group has come to be known as the “liquid-asset poor” because of their inability to quickly pay for a financial emergency with hard cash.
In many instances, they would have to rely on credit to fix their problem, an option that could put a strain on their credit score.
Fifty-four percent of the 1,105 Americans surveyed didn’t have a strategy in place to save money while 45 percent felt they would never be able to save a lot of money.
While many families feel it is impossible to save three to six months of wages for larger emergencies, many can still save for smaller unexpected emergencies, such as a car repair, according to CreditDonkey.
- NYC premiere of Rogen film 'The Interview'...
- Groups launch lawsuit over Tesoro refinery plan
- Amazon does not have to pay workers for time...
- How grandparents can save for their...
- Russians rush to stores to pre-empt price rises
- Randy Shumway: One solution for air...
- Can't buy me love: How to give your partner...
- AP sources: NFL employees turn over phone,...
- NYC premiere of Rogen film 'The... 7
- Is brand loyalty the new religion? 6
- Biggest mailing day of the year means... 5
- Wells Fargo providing $15K grants to... 4
- Insurers ease 'Obamacare' deadline 3
- Keystone pipeline to top Senate agenda... 3
- AP sources: NFL employees turn over... 3
- US consumer prices fall in November 3