Imagine for a moment if your air conditioner broke in your car. What would you do? Could you cover the cost with your emergency fund? Or would you have to borrow money for the cost? Or would you simply have to make-do for a few months? Don’t feel bad if you didn’t have the funds readily available. According to a recent article by CNN Money, you are far from alone.
“Four in ten Americans can’t, according to a new report from the Federal Reserve Board. Those who don’t have the cash on hand say they’d have to cover it by borrowing or selling something.”
The article pulls information from an Economic Well-Being of U.S. Households report by the Federal Reserve Board.The full report can be viewed here.
The report is not all bad news, though.
“The bright side? That’s an improvement from half of adults being unable to cover such an expense in 2013. The number has been ticking down each year since.”
The article goes on to explain more in-depth the information presented in the Federal Reserve Board’s report. Other issues covered are retirement and overall financial health of Americans.
To read the full article, visit the CNN Money site here.