Even though our economy has largely recovered from the Great Recession, many Americans are still feelings the effects. A 2014 survey gives us a glimpse into the financial lives of everyday Americans, and the picture isn’t exactly pretty.
The Federal Reserve released the results from the survey that 50,000 Americans participated in. One of the questions asked survey takers how well they could handle an unexpected expense of $400. Nearly 50 percent of respondents said they would have a difficult time finding the means to cover such a expense and that they would most likely have to sell some of their possessions or borrow the money from loved ones in order to obtain the funds. While the other 50 percent of people asked said they could cover the expense fairly easily with money from their bank accounts or credit cards.
This is a scary predicament to be in, especially if you have a family to take care of. These findings, published by Jaime Garcia Dias, indicate that most American families are only one accident away from complete tragedy and only one paycheck away fro m losing everything they have ever worked for. The economy still has a long way to go, Americans should not have to worry about their families becoming homeless, people who work hard every day of the week in order to secure a comfortable life for themselves.