Most Millennials Couldn't Afford a $1,000 Emergency, Survey Says
*By Carlo Versano*
Sixty percent of millennials would have to beg, borrow, or steal if confronted with a mere $1,000 in emergency expenses, according to a new [survey](https://www.prnewswire.com/news-releases/lendingtree-survey-finds-more-than-half-of-americans-cant-cover-a-1-000-emergency-with-savings-300769040.html) from LendingTree, which defines the generation as those between 22 and 37 in age.
But the rest of the country doesn't fare much better. Only 42 percent of Gen-X could come up with a grand to cover an emergency, and just 60 percent of Boomers. All told, less than half of all Americans could cover the cost with cash or savings.
The other half said they'd either borrow from family or friends (16 percent), sell something or use a credit card (9 percent each), work more (7 percent), or take out a loan (6 percent).
Brian Karimzad, vice president of research at LendingTree, told Cheddar that millennials were least prepared in part due to the combined $1.5 trillion in student loan debt they are carrying. But asked whether they fared worse than past generations at the same point in time, he said: "the answer is mixed."
Obviously, younger generations are more stretched and less liquid than older generations, though Karimzad noted that millennials born in the 1980s had 34 percent smaller net worth than would have been predicted based on prior generations.
And yet, there is reason to remain optimistic. "This is the most educated generation in history," he said. As millennials advance in their careers and earning potential, that 60 percent number will shrink.
In the meantime, he has some age-old advice: Save. A 401(k) that automatically debits from a paycheck is the best way to avoid the temptation to spend that money instead, he said. However, he noted that money would not typically be available in an emergency situation.
"Try to force that savings," he said. It may be the difference between bouncing back from an emergency or going bankrupt.
For full interview [click here](https://cheddar.com/videos/60-of-millennials-dont-have-enough-for-emergency-expenses).
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
Wealthfront’s CFO Alan Iberman talks the $2.05B IPO and the major moment for robo banking as the company bets on AI, automation, and “self-driving money."
