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America is in a savings crisis, with 36% of households being unable to handle a $400 emergency from savings. A Commonwealth analysis of the Federal Reserve Report on the Economic Well Being of Households indicates that the problem is worse for lower-income households making under $60,000, where 58% of people do not have $400 in savings. Within that income bracket, Black (71%), Latinx (69%) and female (61%) employees who are unable to manage that sized emergency indicate that a lack of emergency savings is in fact an issue of equity.
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