More Americans today can’t afford to save $1,000 for an Emergency

Emergency Savings Gen Zers and millennials are more likely to be worried about covering an emergency expense. PHOTO ILLUSTRATION BY FORTUNE; ORIGINAL PHOTOS BY GETTY IMAGES (3)

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • 57% of Americans can’t afford a $1,000 emergency expense, says new report. A look at why Americans are saving less and how you can boost your emergency savings
  • According to Bankrate’s Annual Emergency Fund Report, 68% of people are worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income. And when push comes to shove, the majority (57%) of U.S. adults are currently unable to afford a $1,000 emergency expense.
  • When broken down by generation, Gen Zers (85%) and millennials (79%) are more likely to be worried about covering an emergency expense.
  • The top reason cited by respondents (74%) was inflation. Rising costs have put added pressure on the average American’s wallet

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