Research study sheds additional light on Americans’ financial fragility (Lusardi). Respondents were asked about confidence in their ability to come up with $2,000 in 30 days. This figure was chosen because it represents the approximate cost of an everyday emergency, like a major car or home repair, medical expense copay or legal expense. One quarter of survey respondents stated that they certainly could not come up with this sum of money, and another 15% probably could not do so. This finding suggests that nearly half of Americans are incapable of coping with a moderate financial shock. | Accounting undergraduate Honors theses: Are prize linked savings accounts the solution to Arkansas?
