Americans' savings are drying up fast—leaving them vulnerable to possible economic shocks.
A drop in savings among Americans and a record amount of credit-card debt could spell disaster for the country's economy should a recession hit the U.S. in the coming months or next year, according to experts.
Some 25 percent of respondents said they would only be able to afford their basic living costs for a few days if they were forced to use only their savings. The poll was conducted between September 3 and 4 among a sample population of 1,500 eligible voters in the U.S.The idea that many people might be struggling with their finances is backed up by the fact that
"Human nature is not designed for long-term thinking to start with," Dan Ariely, author and professor of psychology and behavioral economics at."And then the economy tries to use our emotions and get us to do things that are good for them rather than for us," he added. "Many have already restarted the resumption of student loan payments, which should prevent discretionary spending elsewhere for those households," she continued.
While inflation has been consistently dropping for months in the country and forecasters have downgraded the likelihood of a recession in the coming months or the next year, the possibility of such a negative scenario would be disastrous for Americans.
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