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.
- For a waitress, sexual harassment is an...
- Utah improves score in national rankings on...
- What you need to know about massive air bag...
- Lehi-based Vivint debuts innovation facility
- HealthCare.gov's EZ form not for legal...
- Support for statewide nondiscrimination law...
- Britain protests EU demand for additional...
- Customer decline hits McDonald's sales, profit
- Support for statewide nondiscrimination... 19
- For a waitress, sexual harassment is an... 8
- Customer decline hits McDonald's sales,... 4
- Egg freezing is now a perk of the... 4
- Lower gas prices could mean economic... 3
- Survey: Harassment a common part of... 2
- Q&A: Journalist Dan Rather speaks on... 2
- EPA: Gas mileage inflated on 4 Mini... 1