Summary
A recent report by Bankrate shows that nearly half of Americans do not have enough savings to cover a $1,000 emergency expense. Rising prices and inflation are major factors affecting Americans' ability to save money. Many individuals are worried about covering basic living costs if they lose their primary source of income.
Key Facts
- 47% of Americans cannot afford a $1,000 emergency expense.
- Bankrate conducted the study with responses from 2,564 U.S. adults.
- 68% would worry about paying basic expenses if they lost their income.
- 30% would use savings to pay a $1,000 emergency expense; 17% would use income.
- 33% would need to borrow money, use credit cards, or take loans for emergencies.
- Inflation and high costs make it difficult for 54% to boost their savings.
- 24% of households live paycheck-to-paycheck, up from 2024.
- 32% expect personal finances to worsen in 2026 compared to 23% in early 2025.
