More than half of Americans do not have $500 in savings

More than half of Americans do not have $500 in savings

January 17, 20171 min read

Nearly six in 10 Americans do not have enough savings to cover a $500 or $1,000 unplanned expense, according to a new report from Bankrate.

Only 41 percent of adults reported having enough in their savings account to cover a surprise bill of this magnitude. A little more than 20 percent said they would put it on a credit card, the report said, while 20 percent would cut their spending and 11 percent would turn to friends and family for financial assistance.

So, is there cause to worry? Just how leveraged is the average American and what does this mean when looking at the long-term forecast of the country’s economy?

America seems to finally be back from the financial meltdown it faced in 2008. Is the bubble about to burst again?

Dr. David Mitchell is a professor of economics and a director of both the Bureau of Economic Research and Center for Economic Education at Missouri State University. He is a respected expert in economic forecasting and is ready to speak to this important topic. Click on his icon to arrange an interview.


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