When faced with an unexpected $1,000 expense, more than one-third of Americans would borrow the money, according to a new Bankrate survey. That may include tapping their credit cards, seeking money from friends or family or taking out a personal loan.

Most would not turn to cash savings because they don’t have it, the personal finance website found.

Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate’s survey of more than 1,000 respondents conducted in December.

That is up from 43% in 2023, yet level when compared to 2022.

“We’re just not wired to save,” said Brad Klontz, a certified financial planner and expert in financial psychology and behavioral finance. Our brains are instead programmed to focus on our immediate needs.

  • myrdinn@lemmy.world
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    9 months ago

    affordable housing, healthcare, and education might help. can we get some of that?

    • Deello@lemm.ee
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      9 months ago

      If I had affordable housing and education I might be able to afford healthcare. MIGHT be.

    • hawgietonight@lemmy.world
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      9 months ago

      Be careful, you may have it good now. For the next generation, they will make them pay a subscription to the police and firefighters service.