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Majority of Americans Lack Emergency Savings Amid Rising Inflation, Fed Survey Reveals
Majority of Americans Lack Emergency Savings Amid Rising Inflation, Fed Survey Reveals
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Over half of U.S. households cannot cover a $2,000 emergency expense using savings alone, according to the Federal Reserve's latest Survey of Household Economics and Decisionmaking. The findings, collected in late October 2024, highlight deepening financial fragility as inflation remains the top concern for 37% of Americans—up from 35% in 2023.
Nearly one in five respondents reported having less than $100 in emergency funds, exposing acute vulnerability to economic shocks. Even minor unexpected costs prove problematic: 31% of Americans WOULD struggle to handle a $500 expense. The data underscores a widening gap between stagnant incomes and rising living costs, with 52% of consumers now financially unprepared for basic emergencies.
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