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.
- Young adults are faced with risky decision to...
- Better than a raise: The smallest thing you...
- WestJet airline video goes viral as Santa...
- The Grand America and the Flower Patch: Once...
- Are Americans investing or speculating on a...
- Gift Guide: Do homework when buying a tablet...
- Utah gas prices among lowest in nation
- 2 financial goals you should revisit every year
- Young adults are faced with risky... 13
- The American Dream is still alive for... 11
- Better than a raise: The smallest thing... 11
- System failure to blame for delayed... 9
- Leavitt stresses importance of allies,... 8
- WestJet airline video goes viral as... 4
- Utah gas prices among lowest in nation 4
- Companies make CEO changes in U.S. and... 3