NEW YORK, Feb. 21 (UPI) -- A finance research firm said only a slim majority of U.S. adults could face a financial emergency without having to borrow to do so.
Bankrate.com said Tuesday that 54 percent of respondents to a survey indicated they had more money saved for emergencies than they carry as credit card debt.
The figures indicate that 46 percent of the respondents, if faced with an emergency, would have to borrow at high interest rates, the firm said.
"Emergency savings remains a problem area for many Americans, which leaves them only one unplanned expense away from having high-cost debt," said Greg McBride, Bankrate.com's senior financial analyst.
"Long-term unemployment, stagnant wage growth and rising household expenses are all contributing to this trend," he said, recommending "Americans ... find ways to sock away more cash for a rainy day."
The survey, conducted by Princeton Survey Research Associates International, also found respondents with household incomes of $75,000 or more per year, college graduates and retirees are "most likely" to indicate they have more in emergency savings than they have in credit card debt.
Parents, however, "are the most likely to have more credit card debt than emergency savings," the firm said.
