Survey Shows 40 Percent of Adults Still Can’t Cover a $400 Emergency Expense: No Wonder Politicians Can’t Pass a Balanced Budget
About 40 percent of adults said that if faced with a $400 unexpected expense, they not be able to pay it with cash or would do so by selling something or borrowing money, according to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2017,
Additionally, less than 40 percent of non-retired adults think they are on track in saving for their golden years and 25 percent have no retirement savings or pension at all, the report says.
What is even more shocking than these numbers is that the savings rate for the U.S. has actually increased in the past few years. Even still, the amount of money saved has been woefully inadequate.
Considering the shabby savings rate among Americans, it’s no wonder that members of the political class cannot figure out how to balance the public’s budget, either.