$1,000 emergency spending is beyond the reach of many Americans

Inflation is causing many people to reduce the amount of money they save each month.

The survey was conducted by Bankrate, an American financial analysis and comparison site.

Bankrate found that only 44% of Americans surveyed could afford $1,000 in an emergency. That number actually increased by 1% from the previous year.

The remaining 56% of respondents could not take out the above amount of money when they needed to spend urgently, but instead solved it in other forms. About 21% of people said they would use a credit card, 10% borrowed money from relatives and 4% had to take out a loan.

Only 16% said they would reduce spending to meet unexpected needs.

Many Americans continue to “walk on thin ice” when it comes to emergency spending, said Mark Hamrick, senior economic analyst at Bankrate.

In addition, nearly two-thirds of respondents (63%) said that inflation caused them to save less. However, 19% said they saved more because interest rates on bank deposits also increased.

At the same time, many Americans are worried about losing their jobs. Two-thirds of them admit they are worried about not being able to make ends meet the month after losing their jobs. Of those, 42% say they are “very worried.”

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