Reality in Numbers
Have you ever guessed someone’s financial situation based on their income, education, car, home, or general lifestyle? We’re all guilty of making quick judgments based on what we see. In reality, people are far worse off than you think.
Here are a few statistics from a recent national survey:
- 64% of Americans don't have enough cash on hand to handle a $1,000 emergency expense
- 2 of 3 people polled said that they would have to go to extremes to cover an unexpected expense, such as borrowing money or taking out a cash advance on a credit card
- 57% of households don't have a budget
- 30% of Americans have zero dollars in non retirement savings
Disturbing? Remember, the middle household in the US earns less than $50K/year…which means 50% are doing worse than that.
Have you misjudged someone’s financial situation? What are your thoughts on these alarming statistics?
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