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Tags: savings | unemployment | income

Most US Adults Making Under $50K Lack Savings to Last 3 Months

Most US Adults Making Under $50K Lack Savings to Last 3 Months
(JEFF KOWALSKY/Getty Images)

By    |   Friday, 03 April 2020 06:36 PM EDT

More than half of Americans making less than $50,000 a year would run out of money within three months if they are affected by a coronavirus-related job loss, a new survey finds.

On the same day it was reported that a record 6.6 million people filed for unemployment last week, Morning Consult released poll results Thursday that painted a dire picture for many Americans.

Key figures in the data:

  • 34% of U.S. adults earning less than $50,000 annually said their savings would run out in three months if someone with whom they live suffered a job loss.
  • 18% in the same income bracket said they do not have any savings at all.
  • 11% of Americans making less than $50,000 said they would be out of money in less than six months if their household had a job loss.
  • 10% in this bracket said they have enough savings to last at least a year.
  • Among people who earn $50,000-$100,000, 18% said they would run out of money in less than six months if a job loss struck their household. 25% have enough money to last less than three months and 6% do not have any money saved.

The survey included 2,200 U.S. adults and was conducted March 27-29. The margin of error for the under $50,000 income bracket is 3 percentage points, while the margin of error for the $50,000-$100,000 bracket is 4 percentage points.

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US
More than half of Americans making less than $50,000 a year would run out of money within three months if they are affected by a coronavirus-related job loss, a new survey finds...
savings, unemployment, income
234
2020-36-03
Friday, 03 April 2020 06:36 PM
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