Most Americans Experience Unexpected Financial Crises
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iStock/Thinkstock(NEW YORK) — Financial shocker! Most Americans had at least one money scare last year.
In a survey of 7,000 households selected in three cities, Orlando, Boston, and Phoenix, more than eight out of 10 respondents said they went through an unexpected money crisis in 2014 that included loss of a spouse or partner, a drop in income or some kind of major repair.
Furthermore, 55 percent of households who experienced an economic disturbance acknowledged finding it hard to make ends meet, often meaning they were living paycheck to paycheck.
Another problem: saving money. Most households in the survey listed that as their top worry with not having enough money to cover expenses or enough funds to retire finishing second and third among their concerns
Yet, Pew’s report, titled “Americans’ Financial Security: Perception and Reality,” also found that at least Americans are feeling somewhat better than they did during the height of the Great Recession: 56 percent viewed their financial situation more positively in 2014. It was just 42 percent back in 2009.
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