Millions of Americans are just one paycheck away from financial disaster
Missing more than one paycheck is a one-way ticket to financial hardship for nearly half of the country’s workforce.
The findings were based on a survey of more than 1,000 adults. The researchers interviewed a nationally representative panel designed to be indicative of the U.S. population. The data is even worse for people of color, with more than half of households of color being liquid asset poor, it found. Americans aged 65 and over are likely to have the most money set aside for unplanned expenses: 48% of people within the age group reporting having $8,000 or more in emergency funds .
Roughly two-thirds of households earning less than $30,000 annually and Hispanic households would be unable to cover basic living expenses after missing more than one paycheck. Approximately 22% say they expect to forgo payments on some of their bills and nearly half of those who don’t pay their bills also fail to pay off their credit-card bills every month, racking up double-digit interest rates.
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