pull down to refresh
0 sats \ 3 replies \ @SimpleStacker 20 Aug 2023 \ on: 61% Of Americans Are Living Paycheck to Paycheck: Report bitcoin
IIRC the widely bandied statistic that like 50% of Americans can't afford a $500 emergency is misleading. The survey question asked how would you pay for a $500 emergency and a bunch said "put it on a credit card", which was interpreted as "not enough cash", but a lot of people use credit cards for all kinds of expenses even if they have the cash.
This is a different survey, but I've become highly suspicious of these kinds of headline grabbing statistics
This study looks like they also made sure the person answering said they regularly run out of money and have to rely on credits cards, etc.
I regularly run out of money and have to rely on credit cards or family for financial support.
I'm not sure which survey you're referring to but it looks this one is straightforward at getting to the same conclusion
reply
Hmm I've also heard that the majority of Americans "do not have at least $400 in their savings account". I wonder if that's from the same survey
reply
Makes sense. I get that some people struggle financially, but a majority not being able to "afford" a $500 expense seems unbelievable.
reply