http://www.wsj.com/articles/BL-REB-29965
More than three in five Americans wouldn’t have money in their savings accounts to pay for an unexpected car repair or medical emergency, according to a survey released Wednesday.
Only 38% of those polled said they could cover a $500 repair bill or a $1,000 emergency room visit with funds from their bank accounts, a new Bankrate report said. Most others would need to take on debt or cut back elsewhere.
“A solid majority of Americans say they have a household budget,” said Bankrate banking analyst Claes Bell. “But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”
The survey found that an unexpected bill would cause 26% to reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put the expense on a credit card. The remainder didn’t know what they would do or would make other arrangements.
The weak safety nets appear to stand in contrast to the survey’s finding that 82% of Americans keep a household budget.
More than three in five Americans wouldn’t have money in their savings accounts to pay for an unexpected car repair or medical emergency, according to a survey released Wednesday.
Only 38% of those polled said they could cover a $500 repair bill or a $1,000 emergency room visit with funds from their bank accounts, a new Bankrate report said. Most others would need to take on debt or cut back elsewhere.
“A solid majority of Americans say they have a household budget,” said Bankrate banking analyst Claes Bell. “But too few have the ability to cover expenses outside their budget without going into debt or turning to family and friends for help.”
The survey found that an unexpected bill would cause 26% to reduce spending elsewhere, while 16% would borrow from family or friends and 12% would put the expense on a credit card. The remainder didn’t know what they would do or would make other arrangements.
The weak safety nets appear to stand in contrast to the survey’s finding that 82% of Americans keep a household budget.
this one works, and it looks straight.
. I learned what not to do by watching my parents. Crazy thing is once I began and thrived in my finance/banking career, no one in my family wanted my input (not even my parents). Avoided talking about money management like it was the plague/ebola/etc.
