'It's going to get worse,' says Suze Orman: Her company's new survey shows 67% o...
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Her company's new survey shows 67% of Americans can't cover a $400 emergency expense — here's how to make sure you can
We all know we should be saving, putting a little away every paycheck for a rainy day.
But with the high cost of food, gas and housing, it’s not surprising that many Americans have very little left of their paycheck to put in a rainy day fund.
But not having money set aside – even a small amount — can leave you dealing with long-term financial problems, says personal finance expert Suze Orman.
“I think the people that we’re talking about and we care about – they’re already in a recession, if not a depression,” Orman told Bloomberg this week. “It’s not great right now on any level and it’s going to get worse.”
That snowball effect is something Orman has seen over and over again in her career, here's how you can prevent it from happening to you.
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When it comes to how people handle financial emergencies in the U.S., there are some shocking statistics.
In 2021, a third of Americans couldn’t cover a $400 emergency expense, according to the Federal Reserve.
That number spiked to 67% in 2022, according to a November poll by emergency savings platform SecureSave. The online survey found that only roughly 1 in 3 Americans could pay that $400 without tapping their credit cards or taking out a loan.
Orman says big problems can happen when you have to reach for your credit cards or tap into your 401(k) to cover those unexpected expenses.
It’s part of the reason she co-founded SecureSave, a company that aims to help people build up their emergency savings through their employer, similar to a 401(k).
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