Living Paycheck-to-Paycheck Is a Reality for 75% of Americans
- 11 years ago
Bankrate.com surveyed 1,000 people and found that about 75 percent of them are living paycheck-to-paycheck and lack the back-up funds to adequately cover emergencies.
Bankrate.com surveyed 1000 people and found that about 75 percent of them are living with limited savings, or paycheck-to-paycheck and lack the back-up funds to adequately cover emergencies.
Among those questioned, less than 25 percent had enough cash stashed away to survive six months should they experience a catastrophe like a sudden job loss.
27 percent reported they had no savings at all as after bills, housing, and childcare there just wasn’t enough left to put away.
Lackluster savings account balances are also the case among those who’ve already used their emergency funds to survive extended periods of unemployment.
Others say they’re still trying to dig themselves out of recession related debt.
One Certified Financial Planner pointed out, "Three months' worth of expenses is hard to think about when you've been trying to find work for so long. People who are unemployed or underemployed are just trying to get by."
Nationwide, saving has been a fairly dormant activity for three years now even though people have been reporting better financial situations and greater feelings of job security.
Bankrate.com surveyed 1000 people and found that about 75 percent of them are living with limited savings, or paycheck-to-paycheck and lack the back-up funds to adequately cover emergencies.
Among those questioned, less than 25 percent had enough cash stashed away to survive six months should they experience a catastrophe like a sudden job loss.
27 percent reported they had no savings at all as after bills, housing, and childcare there just wasn’t enough left to put away.
Lackluster savings account balances are also the case among those who’ve already used their emergency funds to survive extended periods of unemployment.
Others say they’re still trying to dig themselves out of recession related debt.
One Certified Financial Planner pointed out, "Three months' worth of expenses is hard to think about when you've been trying to find work for so long. People who are unemployed or underemployed are just trying to get by."
Nationwide, saving has been a fairly dormant activity for three years now even though people have been reporting better financial situations and greater feelings of job security.