More than half of people report their household has $3,000 or less in their savings and checking accounts combined but half of American think they need $10,000 or more in savings for an emergency, according to a new report from the CFPB.
Four in 10 people reported difficulties paying a bill in the past year, and the bureau found that individuals who reported not saving were nearly three times as likely to have difficulty paying their bills, compared to those who said they did save. That pattern was consistent among several different income groups. Individuals that had less than they think they need for emergencies and also don’t save were found to have particularly low levels of financial well-being.
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