Almost four out of 10 Americans are living on the edge of financial ruin, given rainy-day funds that either match or are lower than their credit card debt.
About 24 percent have more credit card debt than emergency savings, while another 13 percent have neither credit card debt nor emergency savings, a new survey from Bankrate.com found.
While Americans have never been particularly great savers, at least in recent decades, many workers are finding it harder than ever to sock away money for emergencies. That’s because wages have been stagnant or falling for most. The country’s lowest-paid workers are the only segment to see a significant pay gain last year, thanks to minimum wage hikes.