Nearly Half of Americans Don’t Have the Cash to Buy a Fridge

Better Investing

What's Hot

How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

Tax Hacks 2017: Don’t Miss These 16 Often-Overlooked Tax BreaksTaxes

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Simple Money Moves to Make Before the New YearFamily

There's nearly a 50/50 chance that you lack the funds to cover a major expense, according to Gallup survey results.

There’s nearly a 50/50 chance you lack the funds to cover a major expense.

Overall, 48 percent of Americans say they don’t have enough money on hand to “make a major purchase, such as a car, appliance or furniture, or pay for a significant home repair,” according to Gallup.

Even in the highest income bracket that Gallup analyzed — people who earn at least $240,000 — 16 percent believe they don’t have the money to make a major purchase. That’s about 1 in 6 people.

These figures are based on more than 44,500 Americans’ responses to a question asked on the Gallup Daily tracking survey throughout last year.

Because of the large number of participants, Gallup was able to analyze several income ranges. The percentage of adults who said they don’t have enough money on hand for a major purchase were:

  • Earning less than $12,000: 83 percent
  • $12,000 to $23,999: 77 percent
  • $24,000 to $35,999: 63 percent
  • $36,000 to $47,999: 52 percent
  • $48,000 to $59,999: 44 percent
  • $60,000 to $89,999: 35 percent
  • $90,000 to $119,999: 25 percent
  • $120,000 to $179,999: 22 percent
  • $180,000 to $239,999: 17 percent
  • $240,000 or more: 16 percent

Overall, 29 percent of Americans said they don’t have enough money “to buy the things they need,” meaning making ends meet on a day-to-day basis.

Among specific income brackets, 61 percent of respondents earning less than $12,000 said they are unable to fund needs.

Even in the brackets for people who earn $120,000 a year or more, however, 9 percent to 10 percent reported that they don’t have enough money on hand to buy the things they need on a daily basis.

The good news is that, overall, 60 percent of Americans also reported that they were cutting back on how much money they spend each week.

For help starting or building an emergency fund that could cover large expenses, don’t miss:

Do you believe you have enough money on hand to cover an unexpected large expense? Let us know in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 11 Tips to Survive — and Thrive — on Long Flights

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,768 more deals!