One-Third of Americans Would Have Trouble Coming Up with $2,000 for an Emergency
March 22nd, 2017Via: MarketWatch:
About a third of consumers say they would have trouble coming up with an emergency $2,000, according to a new study released Monday.
The New York Fed, as part of its survey of consumer expectations, has begun releasing the answers to questions about financial fragility. The study found around 67% said they were likely to come up with $2,000 in a month, meaning nearly 33% said they weren’t likely.
The differences were most pronounced by credit score — only 11% of those with a credit score of 760 and above said they would have difficulty, versus 64% of those with a credit score of 680 and below.
The survey is consistent with other findings. The more than one-third of families that had large fluctuations in their incomes were more likely than those with stable incomes to say they wouldn’t be able to come up with $2,000 for an unexpected need, according to a study by the Philadelphia-based nonprofit Pew Charitable Trusts released in March.
