A recent survey of about 1,100 Americans revealed that around 40 percent of the respondents only have $500 or less in savings.
According to CBS, some of the respondents were not poor at all. Some of them had big mortgages, big houses and 401(K)s, but still had no more than $500 in savings.
According to Credit Donkey, the respondents may be rich in investments and home equity but their assets are not liquid. This means that none of their possessions would be easily converted into cash in the event of an emergency.
Reports the San Francisco Chronicle, the survey also revealed that 45% of participants said they were afraid that they would never be able to save $500 or more, and 38% said that they were afraid of not having enough money saved for when they retire while 14% said that they were afraid of losing their money in stocks.