Household budgets are stretched to the max for a lot of people these days, so much so that 42% of Americans say their bank account dips below $50 at least once a month, according to a new study by the Achieve Center for Consumer Insights. But it’s even more dire for 21% of them, who see their bank account go that low every week. Overall, 60% of people have less than $50 in their primary bank account at least once every six months.
The think tank’s survey of 1,000 consumers reveals the financial situation of American households:
- Nearly half (48%) say they need to plan ahead for a month or longer to prepare for a $250 expense, including 17% who would need three months or more.
- Less than a third (31%) say they wouldn’t need any time to prepare for a new $250 expense.
- Three in 10 admit they have no “financial backstop” in case of a $5-thousand emergency.
- Fortunately, others say they could use their regular savings (31%), borrow from loved ones (25%) or emergency savings (24%) to cover a $5-thousand emergency.
- More than half (56%) of those surveyed have experienced at least one major financial hardship in the last year, while 31% have dealt with multiple hardships.
The 10 Most Common Money Emergencies for Americans
- Medical issues
- Lost job/wages
- Car problems
- Bank overdraft or late fee
- Home repairs or replaced appliance
- Death of a family member
- Became an adult’s caretaker
- Legal issues
- Victim of a crime
- Divorce or separation
Source: Digg
photo: GETTY
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