US families still vulnerable to financial difficulty after recession
Fed survey shows many barely prepared to handle emergency expenses and approaching retirements they haven't saved for
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Washington
FIVE years after the recession ended, many Americans still teeter on the financial brink, barely prepared to handle an emergency expense and ageing towards retirements they haven't saved for, a Federal Reserve report shows.
About 47 per cent of 5,896 respondents in the Fed's 2014 household survey, taken last October and November, wouldn't be able to cover an emergency US$400 expense without selling something or borrowing money. While that marks an improvement from 52 per cent last year, the report states that it shows many Americans to be "ill-prepared for a financial disruption".
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