US Consumers Unprepared for Rainy Day

Half of all US consumers would struggle if they had to meet an unexpected expense, and many lack the resources to meet an unexpected financial crisis, like sudden car or home repairs, or minor health-related expenses, according to a TNS Global survey.

Capacity for Risk

To measure capacity for risk-bearing, the survey queried consumers' ability to generate sufficient funds for a major car repair in one month.

Approximately 46% of American consumers reported they would not be able to generate $2,000 in 30 days from savings, borrowing, friends, or family. Similarly, 49% of UK residents and 27% of Canadian residents said they would not be able to generate sufficient funds.

Turning for Help

Many would turn to their savings as a primary source of emergency funds, including:

• 49% of US consumers
• 50 % of UK consumers
• 52 % of Canadian consumers

→ end article preview
Read the Full Article