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).
Treasury Secretary Janet Yellen has announced that 100,000 businesses have signed up for a new database that collects ownership information intended to help unmask shell company owners. Yellen says the database will send the message that “the United States is not a haven for dirty money.”
A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply.
A steep budget deficit caused by plummeting tax revenues and escalating school voucher costs will be in focus Monday as Democratic Gov. Katie Hobbs and the Republican-controlled Arizona Legislature return for a new session at the state Capitol.
The first U.S. lunar lander in more than 50 years is on its way to the moon. The private lander from Astrobotic Technology blasted off Monday from Cape Canaveral, Florida, catching a ride on United Launch Alliance's brand new rocket Vulcan.
Global prices for food commodities like grain and vegetable oil fell last year from record highs in 2022, when Russia’s war in Ukraine, drought and other factors helped worsen hunger worldwide, the U.N. Food and Agriculture Organization said Friday.
Wall Street is drifting higher after reports showed the job market remains solid, but key parts of the economy still don’t look like they’re overheating.
The Biden administration is docking more than $2 million in payments to student loan servicers that failed to send billing statements on time after the end of a pandemic payment freeze.
The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American job market remains resilient even in the face of sharply higher interest rates.
A U.S. labor agency has accused SpaceX of unlawfully firing employees who penned an open letter critical of CEO Elon Musk and creating an impression that worker activities were under surveillance by the rocket ship company.
