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Almost Half of Young People Don’t Have Enough Money for Emergencies

Dec 08, 2016

If you worry you don't have enough money saved up in case of emergencies, rest assured you're not alone.

In October, Americans said there was a 34% chance they could come up with $2,000 for an emergency next month, according to new data from the Federal Reserve Bank of New York. The figure marks a slight increase from February, when 32% of people said they could have that amount in funds for an unexpected emergency expense, such as hospital bills. But the percentage has decreased from 42% in 2013 when the Fed started including the question in its Survey of Consumer Expectations, CNN Money reports.

"This may, I think in some ways, underscore the stress that people feel," Fed President William Dudley said at a press conference, according to CNN Money. "It may underscore the fact that people don't feel they have complete control of their destiny."

The outlook is bleaker for younger people. Almost half—46%—of Americans under 40 said they don't have $2,000 for an emergency situation.

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