How Much Savings Americans Need To Feel Financially Prepared
How much money in savings would it take for you to feel financially prepared? According to SWNS Digital, new research reveals that the average American doesn’t feel prepared for the…
How much money in savings would it take for you to feel financially prepared? According to SWNS Digital, new research reveals that the average American doesn’t feel prepared for the worst until they have $5,078 saved.
According to a survey of 2-thousand working Americans evenly divided by generation (500 each of Gen Z, millennials, Gen X and baby boomers), Gen Z needs less in the bank to feel secure, at least $4.286. Baby boomers would prefer to have nearly $65-hundred ($6,490), and Gen X would feel prepared with a bank account balance of closer to $5-thousand ($4,910).
The poll also finds:
- Nearly two-thirds (63%) would be able to cover an unexpected $500 expense, but 30% confess that they couldn’t.
- Another 17% admit they couldn’t afford that expense currently, but think they’d eventually be able to find a way to pay for it.
- To cover the cost, 32% would dip into savings, 28% would ask a loved one for help and 26% would cover the unexpected expense by temporarily not paying other less important bills.
- For 72% of respondents, most of their paycheck goes to paying bills, with 69% saying it’s the first thing they do when they get paid.
- When they first get their paycheck, 29% feel “excitement,” but that’s quickly followed by stress (19%), feeling prepared (19%) and overwhelmed (19%).
- Before payday, 39% say they’re less likely to attend social events so they have money for when they really need it.
- That’s one way to avoid the feeling of “pay paralysis” - a “wave of anxiety or fear due to low funds between pay cycles,” which 59% of people experience.
- Respondents start to feel stressed about their finances seven days after getting paid, on average.
- The average American loses five nights a sleep a month from worrying about money.
These 5 North Carolina Cities Are Where Credit Limits Are Decreasing the Most
As prices continue to skyrocket, while wages stay the same many Americans are feeling it. This means that a lot of people are turning to credit as a bandaid for the ever-worsening situation. How are North Carolina credit limits doing amidst this? Well, some cities are amongst the ones where credit limits are decreasing the most.
Let's face it, a decrease in your credit limit has the ability to make your life more difficult. It can limit your purchasing power and give you less flexibility in the event of an emergency. According to our friends at WalletHub, "Credit limit decreases are also usually a reflection of either poor handling of credit or economic uncertainty, so large average decreases in a city might indicate that residents are in financial trouble."
It was the experts at WalletHub who set out to see in which states and cities credit limits saw the most significant decreases between Q1 of 2023 and 2024. And in North Carolina credit limits on average did decrease.
To determine this, WalletHub compared "the average change in credit limit per resident in 100 of the largest U.S. cities over the past year". This included 5 North Carolina cities. Of the 5, 4 were in the top 50% with the largest decreases. And one city ranked in the top 5 nationally,. Only one, not surprisingly the largest banking city in the state, was "safe".
If you are worried about your credit limit WalletHub also offered up some tips. These include using multiple credit cards, pay your bill more often than monthly so free up space in your limit, and monitoring your credit score. You can learn more and read the full study here. Keep reading to learn about North Carolina credit limits and the trends.
North Carolina Credit Limits
5. Charlotte, NC
Sean Pavone/Getty Images Royalty FreeOverall Rank: 74
Total Score: 45.89
Average Credit Limit Rank: 50
Change In Average Credit Limit Rank: 66
The only city doing well on this list was Charlotte, perhaps influenced by the banking industry.
4. Winston-Salem, NC
Kruck20/Getty Images Royalty FreeOverall Rank: 33
Total Score: 55.24
Average Credit Limit Rank: 49
Change In Average Credit Limit Rank: 33
Winston-Salem didn't fare too bad either at least compared to the other 3 largest cities in the state.
3. Greensboro, NC
SeanPavonePhoto/Getty Images Royalty FreeOverall Rank: 14
Total Score: 60.67
Average Credit Limit Rank: 84
Change In Average Credit Limit Rank: 8
Not good news for those in Greensboro, ranking 14th out of 100 cities for decreases in credit limits.
2. Raleigh, NC
.
Overall Rank: 11
Total Score: 62.43
Average Credit Limit Rank: 43
Change In Average Credit Limit Rank: 14
This one surprised me with our state's capital city ranking just outside the top 10.
1. Durham, NC
SeanPavonePhoto/Getty Images Royalty FreeOverall Rank: 5
Total Score: 65.87
Average Credit Limit Rank: 47
Change In Average Credit Limit Rank: 5
And the worst city in North Carolina for your credit limit? Durham. I would have thought the thriving RTP would have helped!
