Saving for the Unexpected

Nearly 40 percent of Americans would have to borrow money if they were faced with a financial emergency, according to a new survey conducted by Bankrate. If U.S. adults needed to come up with $1,000 quick—say they needed to go to the hospital unexpectedly or there was trouble with their car—only 41 percent would be able to dip into their savings to cover the cost. 37 percent would ask family for help, take out a personal loan or use a credit card.

Bankrate’s poll questioned more than 1,000 U.S. adults from December 30, 2019 to January 5, 2020. 3 percent of respondents didn’t know what they would do.

The average emergency, however, is much more than $1,000. Respondents told Bankrate the average cost of an unexpected expense was $3,500. 28 percent of those polled were faced with a situation like this.