“Millions of middle-class Americans are just one missed paycheck away from poverty.”
Research indicates American families aren't financially preparing for emergencies
Prosperity Now recently published a series of shocking statistics on the financial health of the average American household. Their findings:
- 4 in 10 Americans are “liquid-asset poor,” meaning financially unprepared for any unexpected disruption in income
- 1 in 10 American households fell behind on their bills within the past year
- 4 in 10 adults experienced “material hardship” of some kind in 2017
- 1/3 of households lack basic savings
- Less than 60% of households are saving in case of emergency
- Median home values are four times higher than median incomes
- 50% of Americans who rent housing spend more than 1/3 of their income on rent and/or utilities
These statistics tie into the immense difficulty the average family faces when struck with the financial implications of a medical crisis. As Prosperity Now reported:
- 13% of Americans skip seeing a physician because of the cost of care
