48% of hourly workers in the U.S. don't have a single cent in emergency savings
CBSN
As raging inflation forces millions of Americans to cut their spending, one group is being stretched especially thin.
Nearly half of all hourly workers in the U.S. have been unable to save even a dime to guard against financial emergencies, according to a new survey of 3,000 employees by Branch. That figure, 48%, is up 7% from last year, a sign the higher cost of food, rent, gas and other staples is taking a severe toll on hourly workers. More than 80% of respondents said they had less than $500 tucked away for emergencies.
Personal finance experts typically recommend that people have at least three months' worth of income saved to tide them over in the event of a job loss, health problem or other unplanned situation that crimps their cash flow.
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