Fewer Americans are able to cover unexpected expenses this year.
A new report from Bankrate.com shows just 39 percent would be able to use their savings to cover a one-thousand dollar cost, down from 41 percent in 2020. The survey also shows 38 percent would need to get a credit card or borrow from loved ones to pay for surprise costs.
As for age, only a third of millennials would be able to take care of emergency costs. That’s compared to 46 percent of Gen Xers and 45 percent of Baby Boomers.