More than half of U.S. workers lack enough cash to cover a $500 emergency expense, while many are being forced to skip necessities or rely on debt when unexpected costs arise.
A recent survey of 1,028 workers conducted in June found that 55% could not cover a $500 emergency, while 41% said they had skipped necessary expenses such as medical care, food or car repairs because they lacked enough savings, CNBC reported Saturday.
"We have danger more than we’ve had before, because it’s the workers that we know have a job, they have a paycheck coming in, and they are still not making it," Suze Orman, co-founder of SecureSave, told CNBC.
Higher Incomes Aren’t Easing Financial Pressure
The emergency-savings shortfall comes as Americans continue to face higher prices and weaker purchasing power. Consumer sentiment remained under pressure in August, while inflation exceeded wage growth for the fourth consecutive month.
