Survey: Only 39 Percent Could Afford $1,000 Emergency

By:
Chris Gaetano
Published Date:
Jan 11, 2021
Only 39 percent of Americans are confident they would be able to come up with $1,000 for an emergency such as a car repair or medical expense, according to CNBC. The 1,000-person survey, conducted by Bankrate, also found, not surprisingly, that the degree to which someone answered yes to this question depended on their income; 58 percent of those with incomes of $75,000 per year or more said they'd be able to pay, compared to 21 percent of those earning less than $30,000. Further, the older one got, the more likely it was one could afford a sudden $1,000 expense.

While it seems as though just about everything is about the pandemic in one way or another, this particular issue goes past the virus; while the 39 percent figure is worse than in other years, it's not by that much. The 2020 version of the same survey showed 41 percent saying they could afford a sudden $1,000 expense, while the 2019 survey showed 40 percent. Although the difference is likely due to the pandemic and its attendant economic chaos, a dearth of emergency savings for many Americans has been a longstanding issue.

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