Staggering statistic, isn't it? According to survey done by "Credit Donkey," not all respondents were poor. Some of those individuals had big houses, big mortgages, or 401(k)s but still no more than five hundred dollars to rub together right now. In addition, the survey found that 54% of respondents don’t have a savings plan in place, and 45% are afraid they’ll never be able to save.
I am definitely appalled at those 40% of Americans who never developed the financial life skills to have $500 in an emergency fund. Every student in high school and college should be required to take a "Personal Finance" course to develop a financial life skill of how to save for that proverbial rainy day. But, then again, the way our educational system is today that might be asking for too much!
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