In a sign of the times, a recent survey indicates that if consumers had to come up with emergency funds, they’d be hard-pressed to do so.
Almost half (46%) of 2,148 consumers surveyed recently said they weren’t confident they could come up with $2,000 within a month in a crisis–from savings, family, friends, credit cards or other sources.
Even among those earning $100,000 to $149,000 a year. almost 25% doubted they could raise it, according to the survey conducted by research firm TNS with academics from Harvard Business School and Dartmouth College.
While one could have guessed that someone making $35,000 – $50,000 might have a hard time coming up with $2000, it is alarming to see those in the $100,000+ range with the same problem.
Where does that roughly $8,000 ($10,000 less payroll deductions) per month in income go for the 25% that can’t come up with the cash?
One could argue that over half of Americans are paycheck players. Lose your job, and you’re toast within 60 days, and that’s being generous.