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Study: Most Americans can't cover $1,000 emergency

Study: Most Americans can't cover $1,000 emergency
Posted at 12:59 PM, Jan 18, 2018
and last updated 2018-01-18 09:06:10-05

(CNN) - If you were hit with a $1,000 emergency, would you be able to cover it?

The majority of Americans can't.

A new report from Bankrate.com found that only 39 percent would be able to pay a bill that size out of savings.

Among those who say they couldn't pay, 36 percent said they'd need to borrow the money or put it on a credit card.

The report also found that 34 percent of respondents actually did have a major unexpected expense in the past year. And most were even bigger than $1,000.

According to the survey, younger millennials, ages 18-27, were the most likely of all age groups to borrow from family or friends in an emergency situation while older millennials, ages 28-37, were those most likely to reduce spending on other things.

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