“68% of Americans couldn’t cover their living expenses for even a month if they lost their job, survey finds. The good news? Now is the best time in years to fix that.”
March 8, 2023
“Recession — and layoff — fears loom large over many households. Nearly half of U.S. adults feel the country is already in a recession, a Morning Consult report found. Economists say the chance of a recession in the next 12 months is somewhere around 61%, according to a recent Wall Street Journal survey; while economists in a separate Bloomberg poll said it was more like a 70%. And although unemployment dropped to 3.4% in January, government data show more than 1.2 million people lost their jobs in the first month of the year…
How are Americans doing when it comes to financial security? Not well enough, a recent Bankrate report found. In the event of a major economic fallout, 68% of survey takers said they wouldn’t be able to cover their living expenses for a month if they lost their job today. One in four went as far as to say they would be forced to put an unexpected $1,000 expense on a credit card and pay it off over time — and that’s without losing their job…”
In my opinion everyone should have at lease $5,000 for emergency savings. Also it must be a priority to replace those funds if they are used.