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The middle class in this country is in crisis. According to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households in 2017, about 40 percent of adults said that if faced with a $400 unexpected expense, they would either not be able to pay it or would do so by selling something or borrowing money.
Additionally, less than 40 percent of nonretired adults think they are on track in saving for retirement and 25 percent have no retirement savings or pension at all, the report says.
These results show that “millions of Americans are in desperate need of establishing a savings habit before it’s too late,” said Greg McBride, chief financial analyst at Bankrate. (CNBC, 5-22-18)
READ THE REPORT
Report on the Economic Well-Being of U.S. Households in 2017 (Federal Reserve)
Fed survey shows 40 percent of adults still can’t cover a $400 emergency expense (CNBC, 5-22-18)
63% Of Americans Don't Have Enough Savings To Cover A $500 Emergency (Forbes, 1-6-16)