Survey highlights financial insecurity in middle-class

Survey highlights financial insecurity in middle-class
(Source: KAIT)
(Source: KAIT)
(Source: KAIT)

JONESBORO, AR (KAIT) - A survey from the Federal Reserve Board revealed interesting statistics when it comes to financial security in the United States.

According to their survey, nearly half of middle-class Americans say they wouldn't be able to afford a $400 emergency expense on their own.

The survey looked at savings and spending in U.S. households.

While 63% said they saved some money in the past year, 47% of those surveyed said they'd have to either borrow money or sell something to come up with $400 in an emergency situation.

We took to the streets of downtown Jonesboro and found similar results.

"If worse come to worse, I'd have to sell something," Amber Halindsey said. "You used to be able to have money to put back for that. Now it's day by day living, check by check. I'd have to figure out something from family or work or something."

Others, like 20-year-old Abby Landers, said they make sure they have money saved for emergency situations.

Landers said she recently had to pay for emergency situation involving her car.

"It's harder sometimes but I was able to pay it off," Landers said. "I didn't have any money in the bank for a little while but I was able to do it."

One man who we spoke with off-camera said he had a $500 CD at the bank in case of an emergency situation.

For a look at the results of the entire survey, click here.

Copyright 2016 KAIT. All rights reserved.

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