Quarter Of Americans Have No Emergency Savings In Age Of Coronavirus

Quarter Of Americans Have No Emergency Savings In Age Of Coronavirus

The U.S. economy is currently facing its toughest challenge since the Great Depression, and millions of Americans suddenly find themselves out of work. Financial experts have long advised people to build a savings account for emergencies, but it’s fairly safe to say that no one saw a widespread economic emergency of this scale coming. We’re all scrambling to adapt, but a new survey is illustrating just how bad the situation is for many Americans. Studyfinds reports:

A total of 1,100 Americans were polled, and one in four (25%) said they don’t have any emergency savings at all. Another 23% only have enough to get by for three weeks. While there is some help on the way in the form of $1,200 government stimulus checks, 42% said they’ll have to immediately spend that money on bare essentials like groceries.

The survey, commissioned by GOBankingRates, also came to a number of other financial findings. Perhaps one of the most eye-opening is the revelation that two-thirds of Americans have either already been financial burdened by the coronavirus crisis (36%) or expect to be soon (28%).

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