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.
- Poll: Two-thirds of US would struggle to...
- Stocks move higher, led by technology and banks
- US home sales growth driven mostly by Midwest
- Diego Rivera painting sells privately for...
- G-7 finance leaders seek to reassure on...
- GE announces deals worth over $1.4 billion...
- New Mexico is first to sue EPA, mine owners...
- French raid Google over 'aggravated tax...
- Religious freedom is good for business,... 29
- If Hillary becomes president, will she... 18
- Can Donald Trump fix the U.S. economy... 14
- Poll: Two-thirds of US would struggle... 12
- Trump proposes wall to protect golf... 7
- Utah aglow with new solar developments,... 6
- John Williams remembered by friends as... 6
- New Mexico is first to sue EPA, mine... 5