Most Americans cannot afford a $1,000 emergency expense, with inflation and high interest rates affecting their ability to save adequately, according to a recent survey by consumer services company Bankrate.
A full 59 percent of Americans aren’t in a position to use their savings “to pay for a major unexpected expense, such as $1,000 for an emergency room visit or car repair,” said a Jan. 23 report from the company.
This is up from 56 percent a year back.
“We are essentially a paycheck-to-paycheck nation,” said Mark Hamrick, senior economic analyst at Bankrate. “Fewer Americans have the equivalent of a financial safety net to cover inevitable unexpected expenses, despite low unemployment and steady growth.”
To help alleviate the financial crunch, President Donald Trump issued an executive order for delivering “emergency price relief” for families and tackling the cost of living crisis facing America on his first day in office. The 12-month inflation rate, which has remained below 3 percent since July, has risen for the past three months. […]
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