Widespread among American households: financial fragility

Source: Brookings Institution

Nearly one in four households making between $100,000 and $150,000 claim not to be able to raise $2,000 within 30 days to absorb a financial shock. In a paper published by the Brookings Institution, authors Annamaria Lusardi of George Washington University, Daniel Schneider of Princeton University, and Peter Tufano of Harvard University offer insights on research that reveals that "half of Americans report that they would probably or certainly be unable to cope with such an emergency. More specifically, 24.9% of respondents reported being certainly able to cope, 25.1% probably able to cope, 22.2% probably unable to cope, and 27.9% certainly unable to cope." Didn't someone smart say, roughly, "state is the family writ large?"

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