(no subject)
The lack of emergency resources is not just a problem of the impoverished but also affects many “solidly middle-class” families, according to the study just published by the National Bureau of Economic Research. Of households making between $100,000 and $150,000 annually, nearly one-quarter said they "certainly" or "probably" would be unable to come up with the $2,000.
The study was done by asking a random sample of 2,100 adults, “How confident are you that you could come up with $2,000 if an unexpected need arose within the next month?” The amount was meant to suggest a major car repair, a co-pay on a medical expense or a home repair. It is far lower than the three to six months' worth of expenses that financial planners typically recommend people have in savings.
-- "Small rainy-day funds mean many could get drenched" by Martin Wolk @ msnbc.com
The study was done by asking a random sample of 2,100 adults, “How confident are you that you could come up with $2,000 if an unexpected need arose within the next month?” The amount was meant to suggest a major car repair, a co-pay on a medical expense or a home repair. It is far lower than the three to six months' worth of expenses that financial planners typically recommend people have in savings.
-- "Small rainy-day funds mean many could get drenched" by Martin Wolk @ msnbc.com