More than one in three Americans are not confident they have enough savings to cover unexpected bills, according to a new survey by TD Bank.
TD Bank’s Financial Preparedness Survey found that 46% of respondents think about financial preparedness every day. However, 47% do not feel financially prepared for retirement, due to a lack of monthly savings or usage of retirement accounts. Thirty-six percent said they are unsure if they could cover unexpected bills. Nearly three in four respondents (72%) have been affected by unexpected bills, especially medical emergency bills, which have led to debt (59%), reallocating savings to cover the costs (33%) and financial instability (31%).
The survey also found that many respondents believe owning a home is part of the American dream, but one-third have a negative outlook on their ability to purchase a home due to affordability (55%), the cost of borrowing money (32%), and economic uncertainty and job stability (29%).
