The recession is behind us, employment is on the mend and some large employers are doing their part to kick-start wage growth. Americans should be feeling financially secure, right?
New research by the Pew Charitable Trust reveals that more than half of Americans are unprepared for financial emergencies. A third of the survey respondents said they have no savings, and more than half either spend more than they make or break even.
The findings indicate a high level of financial insecurity more than five years after the recession ended, according to Diana Elliott, research manager for financial security and mobility at Pew.
People are "trying to put out fires in the short term, rather than being able to focus on the long term," she said.