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Spotlight on emergency expenses: Nearly half of New Yorkers couldn’t cover a $400 emergency expense with cash

Despite the improvement of the economy both locally and nationally, 45 percent of New Yorkers and 41 percent of Americans couldn’t pay for an emergency expense of $400 with cash or its equivalent. The latest Poverty Tracker spotlight on emergency expenses underscores the financial vulnerability faced by many New Yorkers and how race and ethnicity are closely connected to one’s ability to pay for such an expense. Across every income level, black and Hispanic New Yorkers are more than 25 percentage points less likely to be able to pay for an unanticipated expense with cash.

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Posted on June 20th, 2019 in Single Stop in the News

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