Americans are living paycheck to paycheck as inflation and rising taxes are making it harder to sock away cash for emergencies, according to a new survey.
"For example, from July 2022 to May 2023, on average, vehicle repairs have increased by about $260, health-related occurrences have increased by about $100, unexpected high bills or taxes have risen by over $1,000, and house-related issues or relocations have risen by about $150," Dudum tells FOX Business. "A financial situation, alongside the cost of the repair, affects how the individual can actually pay for the expense.
"Most unexpected expenses are related to necessary repairs or replacements, so it’s no surprise that affluent consumers who own vehicles and homes face these the most often," Dudum tells FOX Business. "In fact, consumers earning more than $100,000 annually were 34% more likely to have faced these expenses than their lower-income counterparts.
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