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.
- It can cost you $12,000 a year to buy...
- How one woman unplugged from technology for...
- Join the crowds by listing your home in spring
- Utah construction companies fined, ordered to...
- Suit challenges HollyFrontier Refinery expansion
- Corinthian Colleges closes all 28 remaining...
- Can a company really be altruistic?
- Internet billionaires face off in renewed...
- What could McDonald's do to fix its... 11
- Utah construction companies fined,... 8
- How one woman unplugged from technology... 6
- It can cost you $12,000 a year to buy... 5
- Suit challenges HollyFrontier Refinery... 4
- Photos: Sharing birthday wishes 2
- First lady: Tech industry to train,... 1
- Greece under fire from creditors as... 1