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.
- Dave Ramsey says: Don't leave an estate with...
- Renewable energy advocates decry proposed...
- Z'Tejas closing after 13 years at The Gateway
- The Gateway adding new dining concept
- Balancing act: Survey says lack of balance,...
- Overstock employees ride bicycles to work to...
- Protesters from across U.S. arrested at Utah...
- Batman's true mission: The search for...
- Renewable energy advocates decry... 15
- Protesters from across U.S. arrested at... 12
- Obama gives protection to gay,... 7
- New solar energy project at Utah... 6
- Balancing act: Survey says lack of... 4
- Parks visitors spent $596M in Utah last... 4
- Beef pollutes more than pork, poultry,... 2
- Airlines scrap Israel flights over... 2