Survey Reveals Majority of Americans Struggle With Emergency Expenses and Financial Stress

Core Insights - More than half of Americans express concern about their ability to cover emergency expenses this year, with 53% of respondents indicating they are at least somewhat worried [2][5] Group 1: Demographics of Concern - The concern regarding emergency expenses is particularly pronounced among parents, lower-income households, and younger generations. Approximately two-thirds of respondents with annual incomes under $50,000 reported being at least somewhat worried, compared to those earning $50,000 or more [3][5] - Nearly half of individuals with six-figure incomes also share similar concerns about emergency expenses [3] Group 2: Payment Methods for Emergency Expenses - About 43% of respondents who faced an emergency expense exceeding $250 reported using cash to cover it, while nearly half utilized some form of credit [4] - The use of installment payment plans or Buy Now Pay Later (BNPL) options is prevalent among consumers to manage unexpected expenses, especially among younger generations [4][5] - More than half of Gen Z and over a third of millennials opted for installment plans when covering emergency expenses with credit cards, in contrast to 28% of Gen X and 16% of baby boomers [5]