When faced with an unexpected $1,000 expense, more than one-third of Americans would borrow the money, according to a new Bankrate survey. That may include tapping their credit cards, seeking money from friends or family or taking out a personal loan.
Most would not turn to cash savings because they don’t have it, the personal finance website found.
Fewer than half of Americans, 44%, say they can afford to pay a $1,000 emergency expense from their savings, according to Bankrate’s survey of more than 1,000 respondents conducted in December.
That is up from 43% in 2023, yet level when compared to 2022.
“We’re just not wired to save,” said Brad Klontz, a certified financial planner and expert in financial psychology and behavioral finance. Our brains are instead programmed to focus on our immediate needs.
Hahaha, this guy can legit go fuck himself. We’re in a fucking Gilded Age where we’re being fucking bled dry by fucking corporations ripping us off, nickel and dime-ing us to death, and just fucking over customers as much as they can to make a buck.
But nooooo, it couldn’t be that half the country isn’t paid a fucking living wage!
You couldn’t get by in the cheapest places in the country.
Right now Lubbock, Texas has rents roughly $900 a month for a one bedroom apartment (Lubbock is cited in many studies as one of the cheapest rental markets in the US).
Minimum wage is $7.25 in Texas.
To afford a $900 apartment on your own, you would need to be making $16.87 an hour.
The average wage in Lubbock is $26,413/year, or about $13.75, which is about three dollars short of a renter allowing you to rent that place (income per month x 3 is the standard).
So, even in the cheapest places to rent in the country nobody can actually afford to live alone.
But sure Klontz, you fucking clod, it’s that “wE’rE jUsT nOt wIrEd tO sAvE!” What a fucking crock of shit. Can someone who knows this person in real life maybe try slapping the fucking stupid out of his idiot face?
EDIT: Shit like this why idiotic people like Trump voters don’t trust “experts.” If he’s an expert I’m Mickey Fucking Mouse and Disney can just try suing me for existing.
Both things can be true. I think there is something to the remark that people aren’t wired to save. I don’t feel like I can afford to buy frivolous things at every store I go into and I make decent money. On the other hand, I know someone making FAR less than me who literally does buy junk every chance they get.
I do feel like I am the outlier, I’ve been saving money since I was a child and everyone else around me tended to blow any lump sum of money as soon as they got it. Whereas I would spend 0-10% and put the rest in savings.