The average emergency expense is now $1,700. Millions of Americans can't pay that without dipping into savings or racking up debt.
Still, despite a drop in the number of Americans living paycheck to paycheck, rising emergency expenses have posed challenges for millions of Americans, even those with much more saved up. Americans across the economic spectrum have had to adapt to rising costs for sudden medical appointments, car maintenance, and taxes, which have contributed to growing uneasiness among those without substantial savings.
In this three-month period, high-income consumers earning more than $100,000 a year were 34% more likely to have faced these expenses than those making less than $50,000 a year. This could be explained by the prevalence of repairs and replacements high-income consumers encounter, the authors wrote. All this points to widespread anxiety among Americans who not only have to make ends meet but also have enough stored up to handle anything unexpected.published last week found only 48% of adults say they have enough emergency savings for three months of expenses, which has changed little from 2022 during peak inflation while 22% have no emergency savings whatsoever.
This data suggests that"consumers have adjusted to today's financial reality, finding ways to mitigate ongoing inflationary pressures," the report said."They will likely continue to manage their cash flows by budgeting and spending less."
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