Two thirds of Americans dont have $1000 to cover an emergency

Mar 2012
54,789
36,423
New Hampshire
#1
"Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years after the Great Recession, Americans' finances remain precarious as ever. These difficulties span all incomes, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have difficulty coming up with $1,000 to cover an unexpected bill. Even for the country's wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000."

"The more we learn about the balance sheets of Americans, it becomes quite alarming," said Caroline Ratcliffe, a senior fellow at the Urban Institute focusing on poverty and emergency savings issues. Despite an absence of savings, two-thirds of Americans said they feel positive about their finances , according to survey data released Wednesday by AP-NORC, a sign that they're managing day-to-day expenses fine. The challenge for many often comes from economic forces beyond their control such as a dip in the stock market that threatens their job or an unexpected medical bill."

"When faced with an unexpected $1,000 bill, a majority of Americans said they wouldn't be especially likely to pay with money on hand, the AP-NORC survey found. A third said they would have to borrow from a bank or from friends and family, or put the bill on a credit card. Thirteen percent would skip paying other bills, and 11 percent said they would likely not pay the bill at all. Those numbers suggest most American families do not have at least $1,000 stashed away in a savings account, much less under their mattresses, to cover an emergency."

Poll: Two-thirds of US would struggle to cover $1,000 crisis
 
Jan 2014
16,782
4,546
California
#5
"Two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years after the Great Recession, Americans' finances remain precarious as ever. These difficulties span all incomes, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Three-quarters of people in households making less than $50,000 a year and two-thirds of those making between $50,000 and $100,000 would have difficulty coming up with $1,000 to cover an unexpected bill. Even for the country's wealthiest 20 percent — households making more than $100,000 a year — 38 percent say they would have at least some difficulty coming up with $1,000."

"The more we learn about the balance sheets of Americans, it becomes quite alarming," said Caroline Ratcliffe, a senior fellow at the Urban Institute focusing on poverty and emergency savings issues. Despite an absence of savings, two-thirds of Americans said they feel positive about their finances , according to survey data released Wednesday by AP-NORC, a sign that they're managing day-to-day expenses fine. The challenge for many often comes from economic forces beyond their control such as a dip in the stock market that threatens their job or an unexpected medical bill."

"When faced with an unexpected $1,000 bill, a majority of Americans said they wouldn't be especially likely to pay with money on hand, the AP-NORC survey found. A third said they would have to borrow from a bank or from friends and family, or put the bill on a credit card. Thirteen percent would skip paying other bills, and 11 percent said they would likely not pay the bill at all. Those numbers suggest most American families do not have at least $1,000 stashed away in a savings account, much less under their mattresses, to cover an emergency."

Poll: Two-thirds of US would struggle to cover $1,000 crisis
Bajisima,

That would cover me. I would have to sell some stock, which is always a pain when deciding which is under performing, the tax consequences, etc.

Kidding, I would just put it on my credit card and pay the balance next month.
 
Mar 2012
54,789
36,423
New Hampshire
#8
Basic subsistence is basic subsistence, if you cant cover it you need to make more money. Why do you hate American workers?
The OP link says salaries have been cut and others are stagnant as the reason.

"46 percent of workers said their wages have remained stagnant in the last five years, and another 16 percent said they've seen salary cuts. Meanwhile, costs for basic needs, such as food, housing and health care, have risen."
 
Likes: 1 person
May 2012
66,540
12,897
By the wall
#9
Basic subsistence is basic subsistence, if you cant cover it you need to make more money. Why do you hate American workers?
I have lived out of my car and worked jobs to pull my ass out of poverty.

I remember going to Taco Bell and buying a taco with nickles that I scrounged up. I said never again so when I got paid I put ten bucks in the glove department and said I would never drop below that. A few weeks later it was 20 bucks. Didn't matter if some nights I couldn't eat, I would never touch that money.

Today it is quite a bit higher but I still maintain that principle.
 

webrockk

Former Staff
Nov 2009
30,354
11,016
on the river
#10
The OP link says salaries have been cut and others are stagnant as the reason.

"46 percent of workers said their wages have remained stagnant in the last five years, and another 16 percent said they've seen salary cuts. Meanwhile, costs for basic needs, such as food, housing and health care, have risen."
Hillary will have to figure out a way to appeal to them....I'm thinking a healthy percentage are less worried about "women's issues" and transgender bathrooms than they are their personal economies. I'm also thinking this may be what's helping Trump close the double digit gap.