Are You Prepared for Unexpected Emergencies? - Other News


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Are You Prepared for Unexpected Emergencies?

Are You Prepared for Unexpected Emergencies?
The content is accurate at the time of publication and is subject to change.

Emergency expenses can throw a monkey wrench into your day especially if you don’t have any savings or even a low or no-interest credit card to cover it. This is the case for one in five Americans who, according to a new study, don’t have any savings on hand to cover an emergency expense, whether that’s a car problem, a medical issue or a home repair. When asked if they had at least $500 in the bank to cover unexpected expenses, 31% said no.

The study was conducted by Harris Polls for HomeServe, a company specializing in home repair solutions. While they found some were unprepared for unexpected expenses, they also discovered that many are well prepared for an emergency or two, with 26% having $8,000 or even more socked away for these expenses.

Age matters when saving for emergencies

Getting older can make you wiser so it’s not surprising that individuals who are 65 and up tend to have the most cash put away for unexpected expenses, so much so that nearly half have $8,000 or more on hand.

What about Millennials? In this case, they are more likely (45%) than the other generations to have $1,000 or less on hand, when just 24% of people 35 and up were in the same boat. This data indicates that there is a noteworthy divide in the generations when it comes to saving for emergencies.

When asked what kinds of emergencies could be an issue for them over the coming year, 52% said that their car might have problems or another vehicle could be on the horizon. Medical expenses are definitely on people’s minds too, with 49% indicating that there could be expenses in this area coming down the road too.

Yet home repairs are also on the list of anticipated emergencies, with 42% noting that something going askew in their home could cost them this year too. But when the study dug in deeper, they found that 71% actually believed that home repairs would probably not be an issue for them.

But what if an emergency did hit? If so, 48% of homeowners have saved money just in case, and let interviewers know they had $5,000 or more saved – a 20% upswing from 2015.

What if you had some extra money?

In the study, they asked people what they would do if they had an extra $1,000 on hand. For 25% paying down their credit card or a loan was the top pick, while 19% would save the extra money and 16% would use it to go traveling.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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