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Home»Economic News»59% Of Americans Don’t Have Enough Savings For A $1,000 Emergency: Report
Economic News

59% Of Americans Don’t Have Enough Savings For A $1,000 Emergency: Report

January 25, 2025No Comments4 Mins Read
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Authored by Naveen Athrappully via The Epoch Times (emphasis ours),

Many Americans are facing financial hardship when it comes to covering a $1,000 emergency expense, as inflation and high interest rates impact their ability to save effectively, according to a recent survey conducted by consumer services company Bankrate.

Organic produce for sale at a Ralph’s Supermarket in Irvine, Calif., on Nov. 28, 2016. Robyn Beck/AFP via Getty Images

A staggering 59 percent of Americans do not have enough savings to cover a major unexpected expense of $1,000, such as an emergency room visit or car repair, as highlighted in a report released by the company on Jan. 23.

This percentage has increased from 56 percent compared to the previous year.

“We are essentially a paycheck-to-paycheck nation,” remarked Mark Hamrick, senior economic analyst at Bankrate. “Fewer Americans have the equivalent of a financial safety net to cover inevitable unexpected expenses, despite low unemployment and steady growth.”

To address the financial challenges, President Donald Trump issued an executive order aimed at providing “emergency price relief” for families and addressing the cost of living crisis in America on his first day in office. Inflation rates over the past year have been on the rise, despite remaining below 3 percent since July.

Bankrate noted that Americans have been grappling with various economic challenges in recent years, including a sluggish job market and high inflation rates.

The survey revealed that 73 percent of respondents attributed their reduced savings for unforeseen expenses to factors such as inflation, high interest rates, or changes in income or employment status. This marks an increase from 68 percent in the previous year.

According to data from the U.S. Federal Reserve Bank of St. Louis, the average prices of essential items have surged significantly, with the price of a dozen Grade A large eggs rising by over 182 percent between January 2021 and December 2024. Other items such as ground beef, fresh whole chicken, milk, and bread have also seen notable price hikes.

One-fourth of respondents indicated that they would have to rely on credit cards to finance a $1,000 emergency expense and pay off the debt gradually. This is an increase from 21 percent in the previous year.

Hamrick emphasized that the escalating cost of living is pushing more individuals to turn to credit cards in times of financial strain.

Addressing the High Cost of Living

The executive order issued by Trump attributed the inflation crisis to excessive government spending, overregulation, and harmful policies implemented by the prior administration.

“Hardworking families today are overwhelmed by the cost of fuel, food, housing, automobiles, medical care, utilities, and insurance,” stated the executive order.

Trump directed executive heads and agencies to find ways to reduce housing costs, enhance supply, eliminate practices that drive up healthcare expenses, eliminate requirements contributing to higher home appliance prices, and eliminate detrimental climate policies that raise fuel and food costs.

The cost of living crisis has unfolded as the savings rate among Americans has declined. Since 2022, the personal saving rate in the U.S. has mostly remained below 5 percent, whereas it was typically above 5 percent before the pandemic.

A recent survey conducted by Marist Poll and Yahoo Finance indicated that only 10 percent of households with savings accounts were completely satisfied with their saving levels.

The survey highlighted that rising living costs pose a significant barrier to saving more, with two-thirds of households finding these expenses either unaffordable or barely affordable in their area.

Looking ahead to 2025, banked households are cautiously optimistic about their savings. A plurality (44 percent) believe they will save more money, while 32 percent anticipate maintaining the same savings level in the coming year. Twenty-four percent expect to save less money.

“Sixty percent of banked households in America are more optimistic about their financial outlook with Donald Trump as President in the coming year. This sentiment is consistent across generations, with a majority in every age group expressing optimism, with Gen Z being the most optimistic at 70 percent,” the survey reported.

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