via thecentersquare:
A majority of Americans polled said they couldn’t afford to pay emergency expenses or cover their living expenses for just one month if they lost their primary source of income, according to Bankrate’s latest Annual Emergency Savings Report. The main reason cited is record-high inflation.
The majority surveyed, 68%, said they’re “worried they wouldn’t be able to cover their living expenses for just one month if they lost their primary source of income.”
Nearly half surveyed in the Feb. 23 report, 49%, said they have less savings (39%) or no savings (10%) compared to a year ago.
“It’s clear that the less-than-optimal economy, including historically high inflation coupled with rising interest rates, has taken a double-edged toll on Americans,” Bankrate senior economic analyst Mark Hamrick said. “Many have resorted to tapping their emergency savings if they have it, or have taken on credit card debt, or some combination.”
A majority, 68%, said they couldn’t save or were saving less because of inflation, up from 49% last year, the report found. Another 44% said changes in income and employment were “holding them back.”