62 percent of Americans don’t even have $1000 in savings.
from My Budget 360
The stock market just hit another record high. Yet only half of Americans actually own any stock. Real estate prices are ebbing closer to their previous bubble peak. Yet the homeownership rate is down. The unemployment rate is down dramatically but we have over 94 million Americans not in the labor force. This recovery seems so contradictory in many ways. One glaring example of this is by how little Americans have saved for a rainy day. Another survey was recently released showing that 62 percent of Americans don’t even have $1000 in savings. In other words, most people are one small emergency expense away from being on the streets. What this means is that many will simply rely on credit cards, friends, or family should an emergency arise. With a recovery like this, who needs a recession?