No contingency plan
According to the research firm TNS and its Personal Risk Assessment and Risk Literacy Survey, almost half (about 46%) of consumers can’t come up with $2,000 in emergency funds on a month’s notice. Even those making between $100K to $149K, a quarter responded that they couldn’t raise the funds either. Given that the survey asked if funds could be raised from sources such as savings, credit cards, friends, family or other sources, this sounds dire indeed. Is it just a phenomenal lack of planning on the part of Americans, or is our economy doing far worse than we think?
