tyb
Millions of Americans are just one paycheck away from ‘financial disaster’
A new study from NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
Research from the Federal Reserve found that 4 in 10 Americans couldn’t afford a $400 emergency, and 22% say they expect to forgo payments on some of their bills.
Certain communities were more prone to economic hardship in the event of missing a paycheck. Roughly two-thirds of households earning less than $30,000 annually and Hispanic households would be unable to cover basic living expenses after missing more than one paycheck, the researchers found.
“Even so, notable differences remain across race, ethnicity, education groups, and locations and many individuals still struggle to repay college loans, handle small emergency expenses, and manage retirement savings,” it added.
The findings were based on a survey of more than 1,000 adults. The researchers interviewed a nationally representative panel designed to be indicative of the U.S. population.
Prosperity Now, a Washington, D.C.-based think tank focused on expanding economic opportunity for low-income Americans, said 40% of U.S. households lack a basic level of savings.
These “liquid asset poor” households don’t even have enough savings to live at the poverty level for three months if their income was interrupted.
The data is even worse for people of color, with more than half of households of color (57%) being liquid asset poor, it found.
“The 2019 Prosperity Now Scorecard shows that too many families are either struggling to make ends meet, or are just one emergency away from a financial disaster,” it said.
Millions of Americans don’t have savings to fall back on
A separate survey from home repair service HomeServe USA found that almost 1 in 5 Americans (19%) reported having no money set aside for dealing with the costs of an unexpected emergency expense. That report said 31% of Americas don’t have at least $500 set aside to cover an unexpected expense.
At the other end of the spectrum, over a quarter of Americans (26%) said they had $8,000 or more set aside for unexpected emergency expenses, it added.
Americans aged 65 and over are likely to have the most money set aside for unplanned expenses: 48% of people within the age group reporting having $8,000 or more in emergency funds (versus 20% of those ages 18 to 64).
“Nearly half of Americans (49%) cited medical emergencies as a potential unexpected expense for them in the next 12 months, a finding with added significance given the level of national attention and political debate around the topic of health care in recent months,” it added.
Though wage growth has accelerated recently, those gains have been concentrated among the wealthiest Americans most.
In addition, research from the Federal Reserve found that roughly 4 in 10 Americans couldn’t afford a $400 emergency. It said 41% would have to dip into savings, slightly less than 44% in 2016, 46% and 50% in 2013.
even if you have the money what incentive is there to put it in the bank when the interest rates are so low?
this survey a bit flawed from that standpoint as they do not have a metric for people who have a distrust for banks and do not use them-but the overall findings are solid.
Approximately 22% say they expect to forgo payments on some of their bills and nearly half of those who don’t pay their bills also fail to pay off their credit-card bills every month, racking up double-digit interest rates.
The savings rate in the U.S. fell to 6.5% in March from a recent high of 8.8% in 2012.
The NORC study found that most workers would manage a missed paycheck by cutting spending on non-essential items (73%). But other methods consumers would employ to handle a gap in income could have serious long-term ramifications.
Almost half of households in this situation (47%) would turn to credit cards, while a similar share would borrow from friends or family.
And nearly a fifth of consumers would rely on a payday, auto or other short-term loan. These loans, which can carry interest rates upwards of 600%, can easily sink borrowers into an inescapable debt cycle and wreak havoc on their credit score.
https://www.marketwatch.com/story/half-of-americans-are-just-one-paycheck-away-from-financial-disaster-2019-05-16?siteid=rss&rss=1
see this too:
from March 27th
Just 1 in 10 Americans got an ‘A’ on this basic test of financial security
Despite a good job market and solid economy, many middle-income Americans are failing at financial security, multiple reports show.
https://www.marketwatch.com/story/just-1-in-10-americans-got-an-a-on-this-basic-test-of-financial-security-2019-03-27
() and bold=additions
current bill of lading
DYNAMIC SOURCE INTERNATIONAL CORP
Date
2019-05-12
Shipper Name
Dynamic Source International Hangzh
Shipper Address
#65 GOUYUN ROAD, YUHANG DISTRICT, HANGZHOU ZJ, CHINA, TE88755900
Consignee Name
Tekton Inc
Consignee Address
3707 ROGER B CHAFFEE SE, GRAND RAPIDS MI, UNITED STATES, TE9885260
Notify Party Name
Tekton Inc
Notify Party Address
3707 ROGER B CHAFFEE SE, GRAND RAPIDS MI, UNITED STATES
Weight
16196
Weight Unit
KG
Weight in KG
16196.0
Quantity
962
Quantity Unit
CTN
Measure Unit
CM
Country of Origin
China
Details
16,196.0 kg
From port: Shanghai, China
To port: Illinois International Port District, Chicago, Illinois
Via port: Port of Long Beach, Long Beach, California
Place of Receipt
Shanghai
Foreign Port of Lading
Shanghai, China
U.S. Port of Unlading
Port of Long Beach, Long Beach, California
U.S. Destination Port
Illinois International Port District, Chicago, Illinois
Commodity
HAND TOOLS
Container
OOLU3756880
Marks Description
MIT
Carrier Name
ORIENT OVERSEAS CONTAINER LINE LTD
Vessel Name
OOCL LONDON
Voyage Number
065E
Bill of Lading Number
OOLU2106538060
Lloyd's Code
9417268
In Bond Code
61
https://panjiva.com/Dynamic-Source-International/42164086
>Why re google?
do I really need to go there?
>I know that facts I give.
statements are not facts unless sauced. Kind of how this place works
nothing to prove wrong newfag. You've done nothing but make statements.
and 20 posts already
>Stupid as a box of rocks
no that's you captain
now either dig or STFU I have breakfast to eat.
>And what’s up with all the unnatural eye-blinking?
trips confirmed I have to clean my monitor now, food all over but worth it.
kek
and thank yuh …thank yuh veruh much anon
pepelvis been around for long time
got it…appreciate the reply back.
sorry missed your reply. Seems a bit excessive to me but hard to tell from just a BOL. The surface connections are spoopy though. In at LBP and delivered to chicago. Gonna look into it moar when the honey-do list gets a dent in it.