Most Americans are only one paycheck away from the street, according to a new survey by personal finance website Bankrate.com.
The survey of 1,000 adults found that approximately 62 percent of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair.
A U.S. Federal Reserve survey conducted on more than 4,000 adults in 2014 had remarkably similar discoveries. “Savings are depleted for many households after the recession,” it found, with 57 percent having used up some or all of their savings during and after the recession. Only 39 percent said they had enough money in a “rainy day” fund to cover three months of expenses. Furthermore, more than half of the respondents said they could not finance a hypothetical emergency expense costing $400 unless they sold something or borrowed the money.
