Most Americans cannot afford a $1,000 urgent expense.
Inflation has chipped away at Americans’ cost of living. The enormous spike in prices and erosion of consumers’ purchasing power have disadvantaged millions. They have been forced to cut back on their savings, forgo retirement plans, and depend on credit cards for day-to-day expenses or unforeseen circumstances. Unfortunately, according to a new study, many Americans have started 2025 with little emergency savings. This could be a persistent challenge until wages outpace inflation and households play a game of catch-up.
Raining on the Emergency Savings Parade
Bankrate published new data from its annual Emergency Savings Report, a survey of more than 1,000 US adults. Researchers concluded that 41% would rely on their savings to cover an emergency expense, such as a visit to…
