This is the first article in a blog series on emergency savings and financial security. Check out the second blog article, “A Lot of Americans with Financial Struggles Focus on the Present, Don’t Worry about the Future.”
A majority of Americans report that they would probably not have the funds needed to cover emergency expenses, according to a new poll.
The poll, which was conducted by The Associated Press-NORC Center for Public Affairs Research (AP-NORC), found that approximately two-thirds of adults in the U.S. would struggle to afford a $1,000 emergency.
The White House even issued a comment on the AP-NORC poll, stating that “there is still more to do” when it comes to improving the economy and helping Americans avoid financial disaster.
In fact, the problem may be even worse than the AP-NORC study indicates. In 2015, the Federal Reserve conducted a poll that showed that nearly half of American adults are not in a financial position to pay for a $400 emergency expense. Most of the survey respondents said that they would have to sell their possessions or ask friends or family for financial assistance if a minor emergency arose.
Paying for an Unexpected Emergency Expense
With a lot of Americans still struggling with monthly living expenses, and some Americans trying very hard to get out from underneath a mountain of debt, it is not easy to come up with quick cash in the event of an emergency. This is especially true for elderly people who have retired and, as a result, no longer earn a steady income. Even if the senior has a pension and gets Social Security benefits, they may not be in a solid financial position.
Although some people are able to borrow money from relatives or friends in the event of a medical scare or some other emergency, a lot of people don’t even have this option available to them.
For additional information, check out the Yahoo.com article, “Poll: Two-Thirds of US Would Struggle to Cover $1,000 Crisis.”
If you are struggling to make ends meet as you deal with unmanageable debt, a qualified bankruptcy and debt management lawyer can help you get a handle on your financial situation and plan for your financial future. Joel R. Spivack is a skilled, experienced bankruptcy attorney who can help you explore your legal options. Contact Mr. Spivack now to schedule a free consultation.