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Thread: cutting back on food stamps

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    #91
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    Quote Originally Posted by PaUSMC View Post
    That stat is shocking. The source of that survey is "GOBankingRates" and the poll is probably pinged from people applying for bank loans, which obviously is a biased group of people. This article (linked) has stated that 67% of Americans would be able to pull together 2k to cover an emergency. Which is still way too low, but it's a huge difference than 75% not having 1k to cover an emergency. I don't know the source of this survey or the population size polled.

    How much money do you really need in your savings account - Jun. 7, 2017
    Most definitely being able to scramble and put together $2k is completely different than having $2k in savings. In am emergency I could get a loan or borrow money from family or sell something I own to “pull together” cash. It doesn’t mean that’s extra money laying around it means I can find a way to come up with it. Will it screw me in the long run with interest rates or being short for bills later? Yes. But I could pull it together.
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    #92
    Quote Originally Posted by PaUSMC View Post
    That stat is shocking. The source of that survey is "GOBankingRates" and the poll is probably pinged from people applying for bank loans, which obviously is a biased group of people. This article (linked) has stated that 67% of Americans would be able to pull together 2k to cover an emergency. Which is still way too low, but it's a huge difference than 75% not having 1k to cover an emergency. I don't know the source of this survey or the population size polled.

    How much money do you really need in your savings account - Jun. 7, 2017
    I think I know the study that data comes from. I recognise the results. I can link you to the original if you like? It’s a good, well constructed study with a large sample size, but it’s also potentially a little out of date as it’s several years old.

    Quote Originally Posted by Tojai View Post
    I wonder if it has to do with the wording. "One question on the survey asks whether the consumer would be able to come up with $2000 in cash if necessary." - that to me is different than having $2k in a savings account. If someone asked me how much money I have in savings vs. how much I cash I could pull together in an emergency situation, the answers would be different. If I really needed to, I could liquidate non-savings assets like retirement accounts, I could ask friends/family for money, I could do a cash advance from my credit card, I could stop paying non-essentials and redirect that money somewhere else, the list goes on. But technically none of that is sitting in a savings account.


    Also Matchbox's article made me feel bad because I don't have 2X my income saved yet ... about 30% off that goal. Retirement scares me so much I just hope I catch up by the time I get there.
    Yes. Good catch. The source I used and the source PaUSMC used are different at least in part because they’re trying to answer slightly different questions.

    Mine asked “How much money do you have on hand right now? If the money was needed by Tuesday, what could you do?”

    Hers asked “How much could you gather given thirty days to find it?”

    The latter is a much more generous scenario and gives much more flattering answers, not least because someone who was working would probably be paid twice in that time before the money was due.


    The Federal Reserve does a yearly survey on the same subject. There’s a large sample size, they’re relatively unbiased...as far as financial data goes, they’re reliable enough. Unfortunately, the report in question is usually over a hundred pages long (I’ll link it if you truly want me to, but it’s long!). In their version, they set a threshold of being able to pull up $400 quickly for an emergency - less money than my initial source, but less time than PaUSMC’s.

    The 2016 incarnation...nearly half of all the people they asked (47%) said they couldn’t do it. $400 was too much.
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