Bank rate survey finds: 56% of Americans cannot cover a $1000 emergency

[IA Shelby]

Just saw this article on CNBC. 56% cannot cover a $1000 emergency expense without using a credit card or borrowing from friends or family.

So much for Bidenomics.

It also speaks to the fact that many still prioritize the wrong things. I wonder how many of the 56% are daily Starbuck’s client, etc…

 

[Blackoyote]

A few years ago I remember a study from one of the large institutions that said 64% of households couldn't cover a $400 emergency bill...so honestly hearing this new study isn't a shock and honestly surprised it's not worse than that.

So many people are just bad at saving money...

 

[gimmie11s]

In before dick measuring contest via pics of bank statements.

 

[jrandy]

While I don't doubt the financial illiteracy of the USA as a whole, I always wonder about the data. It's easy to skew things for the 'sky is falling' big-media hype.

 

[13COBRA]

Speaking of borrowing from friends. A 1300X package from Calvo is going to run me $130k. Who wants to contribute to my emergency?

 

[MDShelby]

While I don't doubt the financial illiteracy of the USA as a whole, I always wonder about the data. It's easy to skew things for the 'sky is falling' big-media hype.

That is exactly where I was going. What spending $1000 means to one person isn't the same to another.

 

[jrandy]

That is exactly where I was going. What spending $1000 means to one person isn't the same to another.

Yup... just like the one that comes out every few months about XX% of people don't save any money. But the article conveniently buries the fact that they are fully funding 401k, IRA, and 529's.

Again, I don't doubt a bunch of people in this country couldn't legitimately pull a few thousand in cash out of the bank for a true emergency. But, the doom and gloom is where the media lives.

 

[13COBRA]

Yup... just like the one that comes out every few months about XX% of people don't save any money. But the article conveniently buries the fact that they are fully funding 401k, IRA, and 529's.

Again, I don't doubt a bunch of people in this country couldn't legitimately pull a few thousand in cash out of the bank for a true emergency. But, the doom and gloom is where the media lives.

No one reads/clicks if it's just the status quo of the world spinning around.

 

[IA Shelby]

Yup... just like the one that comes out every few months about XX% of people don't save any money. But the article conveniently buries the fact that they are fully funding 401k, IRA, and 529's.

Again, I don't doubt a bunch of people in this country couldn't legitimately pull a few thousand in cash out of the bank for a true emergency. But, the doom and gloom is where the media lives.

I highly doubt anybody who doesn’t have a $1000 in savings is fully funding a 401k.

The % of employees fully funding a 401k is single digits.

 

[black92]

My old boss always told me, "It's not about how much money you make, but how you spend your money." Now clearly, we all have to make above a certain threshold to be able to save and whatnot, but the point stands.

 

[GTSpartan]

 

[kaz109]

Just saw this article on CNBC. 56% cannot cover a $1000 emergency expense without using a credit card or borrowing from friends or family.

So much for Bidenomics.

It also speaks to the fact that many still prioritize the wrong things. I wonder how many of the 56% are daily Starbuck’s client, etc…

Lol@ thinking this is new because of the current administration. People’s priorities have always been out of order and that won’t change.

Also thinking that article at face value is naive

 

[98 Saleen Cobra]

Dave Ramsey. Most hate him but it works

 

[supercharged91m]

Most of that crowd can't cover a emergency 1000 bill but they always have the newer car or iPhone and clothes lol

 

[DSG2003Mach1]

theyve been saying the average person is 1-2 missed paychecks away from financial disaster for as long as I can remember.

 

[4.698gt]

I highly doubt anybody who doesn’t have a $1000 in savings is fully funding a 401k.

The % of employees fully funding a 401k is single digits.

There are definitely people out there not saving in any aspect, there are people who are saving in liquidity(savings account) vs not saving in long term savings(401k, retirement ect). Then there are some, myself included, who save a small amount into my savings account(3%) a larger amount into long term investments(401k and stocks 20%ish) and the rest heads into checking to take care of all the bills.
It might not be the wisest financial decisions but for my life at the moment it's working. I unlike many of people my age(37) and younger, I do understand compound interest and it's effect over 30 years, I understand (to an extent) market swings and the need to invest during the downturns(covid, housing crash ect) and with a little luck I've amassed a comfortable mix of savings.
In all honesty though, I'd had none of it had I never asked my grandfather about my 401k when I first received the packet for any of it.

 

[q6543]

Unfortunately, live for today and the YOLO mentality has only gotten worse.

I feel guilty spending money these days, it’s the other side of the problem. I can’t stand seeing my “number” go down.

 

[Stanley]

I'm getting three bonuses pretty close together from work over the next month or so. My wife has it spent on major projects like redoing the pool and stuff, but I'm thinking rental property. If we both thought like she does we'd be bankrupt.
If I was single with no kids I'd be wealthy.

 

[Relaxed Chaos]

My problem is I gots to outfit my 350K mile Honda with all those sweet AutoZone mods. Pay comes in, pure pussy baiting sweetness gets purchased.

Just waiting for that pussy to show up now. Maybe I need more mods?

 

[robvas]

Speaking of borrowing from friends. A 1300X package from Calvo is going to run me $130k. Who wants to contribute to my emergency?

Does Calvo take Affirm?