Financial survey reveals Americans struggling to build emergency savings

A new survey by Bankrate revealed that the majority of Americans would not move money from their savings accounts to cover an emergency expense of $1,000 or more.

The survey finds inflation as a culprit for the reason why most Americans are unable to save for emergency expenses. Bankrate senior analyst Mark Hamrick said, “All too many Americans continue to walk on thin ice, financially speaking, with fewer than half indicating they would pay an emergency expense of $1,000 or more from savings.”

21% of Americans said in an emergency, they would finance with a credit card and pay it off over time. Hamrick said those choosing this option could “risk putting them even farther behind on their financial goals.”