This is Americans’ greatest financial fear

first_img 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr We all worry about money — spending too much, not having enough. But for most of us, it’s not just a fleeting concern. According to a 2016 study by Northwestern Mutual, 85% of U.S. adults suffer from financial anxiety, with 28% actively worrying about their finances at least once a day. But if there’s one thing that keeps Americans up at night more so than anything else, it’s the idea of an unexpected expense or emergency.Though we’re told time and time again how important it is to establish an emergency fund, according to the Federal Reserve Board, almost half of Americans don’t have the money on hand to cover a $400 emergency. Rather, they’d need to borrow the cash or sell off belongings to come up with that money quickly. This data is consistent with a study by GoBankingRates conducted last year, which revealed that 62% of Americans have less than $1,000 in savings. Worse yet, of those who haven’t hit the $1,000 threshold, more than one-fifth don’t have so much as a dollar in the bank. But while having little or no savings is definitely not a great situation to be in, you do have the power to take charge of your finances. And the sooner you act, the better since you never know when an emergency might strike. continue reading »last_img

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