With inflation and high cost of living expenses, people are finding it harder to save money. Less than 50% of adults are prepared for a rainy day. That’s according to a recent study.
The annual savings report from a Bankrate study found that only 44% of United States adults would pull $1,000 or more from their savings account toward an emergency expense. This is a 1% increase from last year’s total.
The study also said 35% of people would borrow the money to cover an unexpected expense by using a credit card, paying it off over time, taking out a personal loan or asking friends and family.
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Do you have an emergency fund or savings account? If so, how do you manage to save money?
Let us know your experience below. Your response may be featured on a Channel 4 newscast.
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