44% of Americans Prepared for $1,000 Emergency Expense, Bankrate Survey Finds

High inflation and inadequate savings likely to be key issues in 2024 presidential election.

Only 44% of Americans are prepared for a $1,000 emergency expense, according to a survey from financial analysis site Bankrate.
Of the unprepared Americans, 21% would use a credit card, 16% would reduce their spending, and 10% would borrow from a loved one.
63% of Americans blame high inflation for the difficulty of saving money, while 19% are saving more due to rising interest rates.
66% of participants worry about covering a month’s living expenses if they lost their primary source of income.
The issue of inadequate savings and high inflation is likely to play a major role in the 2024 presidential election.