Findings reveal that a significant number of Americans have no safety net
Los Angeles, CA (PRWEB) April 28, 2014
Close to half of Americans surveyed are on the edge of financial disaster, says a new survey by credit card comparison website CreditDonkey.com. The survey of more than 1,200 Americans found that 39.4% do not even have at least $500 in savings.
These findings reveal that a significant number of Americans have no safety net, explains Charles Tran, founder of CreditDonkey.com. "When the unexpected happens – as it always does – people who have very little savings could find themselves in serious financial trouble, unwanted debt, and a whole lot of stress."
Americans should ideally have at least three months' worth of their earnings set aside for emergencies, such as car breakdowns, medical issues, or a job loss.
The CreditDonkey survey suggests such an achievement is difficult for many Americans. Among the findings:
- 39.4% do not have at least $500 in savings at the moment
- 52.4% do not have at least $1,000 in savings at the moment
- 40.9% do not have enough money saved to cover one month of expenses
- 65.7% do not have enough money saved to cover three months of expenses.
To read the full survey findings and for ways to boost savings, visit http://www.creditdonkey.com/no-savings.html
CreditDonkey.com surveyed 1,235 Americans, age 18 and over, on their savings and debt between January 10 and January 13, 2014.