How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry.
In major cities such as Boston, New York, Los Angeles, and San Francisco, restaurants and businesses have been ordered to close. For many hourly workers, this means no paychecks in the coming weeks. Almost one in five Americans have already lost their jobs or have reduced hours. At the same time, salaried workers are concerned about job security, as mass layoffs at numerous companies loom. While the situation is understandably stressful for every person affected, it serves as a sobering reminder that Americans must learn to live within their means and regularly save money.
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WNU Editor: When this is all over, I predict that there will be a cultural shift for many when it comes to handling finances and money.
4 comments:
China has eliminated a lot of physical money. They do a lot of swiping and were or are ahead of America.
How come it didn't protect them?
Maybe it did, but was not enough to overcome other factors.
The article is about managing money, not literal "handling".
Hopefully we can rethink globalization. What a corrupt mess.
Trump gave me some optimism today during the presser. Looking like some light at the end of the tunnel as far as this shut down is concerned. Sounded like he may make a decision - come end of March - to end or at least relax some of the "Stay At Home" edicts that have come down. Working toward ending the shut down. Finally.
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