Catlady
Well-known Member
- Location
- Southern AZ
" The one oft-cited statistic is that 40% of Americans would struggle to come up with $400 to pay for an unexpected bill. That data comes from the Federal Reserve’s 2018 Survey of Household Economics and Decision Making.
There are plenty more examples (all from before the current crisis) that help explain the economic pain being felt, and evidenced in the jobless claim numbers.
According to Bankrate, nearly three in 10 Americans have no emergency savings whatsoever. Another report found that two-thirds of working millennials have nothing saved for retirement. Americans also hold more than $1.51 trillion in outstanding federal student loans, according to the Department of Education.
A “remarkable share of the households in the economy operate on a paycheck-to-paycheck basis,” Akabas said. “With that many Americans living a financially unstable life even in good times, there’s no way that they can have the backstop to survive the type of economic crisis that we are going to be going through in the next several weeks and months.”
https://finance.yahoo.com/news/the-...y-issues-in-the-economy-expert-194551680.html
There are plenty more examples (all from before the current crisis) that help explain the economic pain being felt, and evidenced in the jobless claim numbers.
According to Bankrate, nearly three in 10 Americans have no emergency savings whatsoever. Another report found that two-thirds of working millennials have nothing saved for retirement. Americans also hold more than $1.51 trillion in outstanding federal student loans, according to the Department of Education.
A “remarkable share of the households in the economy operate on a paycheck-to-paycheck basis,” Akabas said. “With that many Americans living a financially unstable life even in good times, there’s no way that they can have the backstop to survive the type of economic crisis that we are going to be going through in the next several weeks and months.”
https://finance.yahoo.com/news/the-...y-issues-in-the-economy-expert-194551680.html