Good news, proletarians, according to CBS, you're just onebill away from total and complete financial ruin.
“Despite the stronger economy, a lack of emergency savings that would help them weather an unexpected expense such as a health crisis or car breakdown remains a serious handicap,” CBS explains. “In fact, about 63 percent of Americans say they're unable to handle a $500 car repair or a $1,000 emergency room bill.”
CBS sites a survey from Bankrate.com that found despite the steady drop in unemployment, household incomes have stagnated and fewer Americans are putting money aside for rainy days. This behavior is encouraged by most Americans believing that such financial shocks are rare.
This is not the case.
“About six out of 10 American households experienced a financial shock during the last year, with major car repairs and lost income ranking among the most common, The Pew Charitable Trusts found in a study published last year,” CBS reports.
Matt Lee is a Web producer for Metro New York. He writes about almost everything and anything. Talk to him (or yell at him) on Twitter so he doesn’t feel lonely@mattlee2669.