ADP was sharing that many workers are financially fragile.
27% of workers do not have any emergency savings. Over time the question was asked if your furnace broke down would you be able to replace it. The question now is a hot water heater. People don’t have the resources to cover either.
59% of workers are anxious about the lack of emergency savings.
59% have more credit card debt than emergency savings.
43% of GenX and Boomers on the cusp of retiring are significantly behind in saving.
These are troubling concerns, and unfortunately the only way to correct them is to start making changes and save as much money as possible. Most people don’t like or want change, but it is necessary to fix things.