A majority of Americans say they can't afford a $1,000 emergency expense, a recent report from Bankrate finds.
Only 44% of Americans surveyed said they could use their savings to pay for an unexpected expense, instead opting to put it on a credit card or borrow cash from family or friends.
"The reality is that we are, unfortunately, essentially living in a paycheck-to-paycheck nation," Bankrate senior economic analyst Mark Hamrick tells CNBC Make It.
Unexpected economic events that occurred in quick succession over the past five years, from the fallout over the pandemic to high inflation, have shocked the personal finances of many Americans, says Hamrick.
No matter how much you have saved up, economic conditions make now an ideal time to focus on building up your emergency savings, Hamrick says.
Persons:
Mark Hamrick
Organizations:
CNBC