59 Percent of Americans Don’t Have Enough Savings for a $1,000 Emergency: Report

‘We are essentially a paycheck-to-paycheck nation,’ said a senior economic analyst at Bankrate.

Organic produce for sale at a Ralph's Supermarket in Irvine, Calif., on Nov. 28, 2016. Robyn Beck/AFP via Getty Images

Most Americans cannot afford a $1,000 emergency expense, with inflation and high interest rates affecting their ability to save adequately, according to a recent survey by consumer services company Bankrate.

A full 59 percent of Americans aren’t in a position to use their savings “to pay for a major unexpected expense, such as $1,000 for an emergency room visit or car repair,” said a Jan. 23 report from the company.