The following report is from CNBC:
Most Americans are still struggling to build solid savings accounts nearly two years into the coronavirus pandemic.
Some 56% of Americans are unable to cover an unexpected $1,000 bill with savings, according to a telephone survey of more than 1,000 adults conducted in early January by Bankrate.
Emergency savings and the $1,000 threshold are really an indication of how much people are struggling, that they are that close to the edge financially.
Greg McBride, senior vice president and chief financial analyst at Bankrate.
Instead of drawing on their emergency savings funds, many Americans would have to go into debt to foot an unexpected $1,000 bill, either by asking family and friends for a loan, taking a personal loan from a bank or charging a credit card.
Barriers To Saving
To be sure, the 44% of Americans who could cover a $1,000 emergency expense from their savings is the highest percentage in eight years, according to Bankrate.
In addition, some adults fare better than others in building and keeping solid emergency savings. Nearly 60% of those with college degrees could cover a $1,000 expense, as could more than half of people who make $50,000 a year or more.
Still, rising costs are also making it difficult for Americans to save. Inflation surged 7% in the last year, the fastest pace in 40 years, according to the U.S. Bureau of Labor Statistics’ December consumer price index release. Nearly all costs measured by the index increased in December, with the prices of shelter, used cars and trucks, energy and food boosting the measure most.
Nearly half of Americans said that higher costs are keeping them from saving more, according to Bankrate.
“Just about every expense to run a household has gone up,” said Tania Brown, a Lawrenceville, Georgia-based certified financial planner and founder of FinanciallyConfidentMom.com. In addition, she added that parents may be especially struggling if their children are in and out of school due to Covid, which not only impacts budgets but how much some can work each week.
Read more about it here:
[4] Labour not to be rich: cease from thine own wisdom. [5] Wilt thou set thine eyes upon that which is not? for riches certainly make themselves wings; they fly away as an eagle toward heaven.Proverbs 23:4-5
I often usually rip on the government and the debt creation they are greatly fueling, and the exposure of all this fake wealth here in America, but I usually do not explain the root cause of it; and Proverbs 23:4-5 explains why the nation is at the position it is in.
People cannot stop spending. They envy of everyone and everything. The King James Bible warned that one of the first things we would see in these end times is covetousness, and it is on full display for all to see.
[1] This know also, that in the last days perilous times shall come. [2] For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, [3] Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, [4] Traitors, heady, highminded, lovers of pleasures more than lovers of God; [5] Having a form of godliness, but denying the power thereof: from such turn away.2 Timothy 3:1-5
And now, people are so indebted they are not going to get out of it. Ever since mid-2020, so many eStores now have credit and pay later apps next to the payment methods, because the masses are so broke they can barely afford cheap clothing and everything else under the sun.
In my opinion, I believe this 56% is conservative, as we have been hearing similar numbers such as this prior to 2020. I believe it is closer to 75%, more or less.
Agenda 2030: You’ll Own Nothing And Be Happy
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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