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.
- About Utah: They're best in the world
- Survey finds fewer women working now than in...
- 3 tips for traveling cheaply
- Survey says parents spend $532.87 a month to...
- Fox News blocked from Dish Network
- What people never mention when they talk...
- Big changes coming to Cuba tourism with US...
- It's becoming easier to shop overseas this...
- Survey finds fewer women working now... 5
- US consumer prices fall in November 4
- Sony hack adds to security pressure on... 3
- What people never mention when they... 3
- About Utah: They're best in the world 3
- A look at North Korea's cyberwar... 1
- Constantly changing online prices stump... 1
- California puzzles over safety of... 1