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Americans are ill-prepared for a financial emergency. Some 37% of Americans can't afford an unexpected expense over $400, and almost a quarter (21%) have no emergency savings at all, according to new Empower research, "In Case of Emergency: How America saves for the unexpected."
"Not all surprises are good, and people know it. The study suggests financial precarity at a time when household finances may be stretched due to rising prices and inflation," says Rebecca Rickert, head of communications at Empower. "Life happens, and people are stressed about the surprise expenses that could tip them off-balance."
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