Nancy McPherson, AARP CA State DirectorSeptember 26, 2017
Economists tell us that a key indicator of financial resilience is the ability to withstand a financial shock. In a recent survey of working Californians entitled “California Dreaming or Struggling,” AARP asked people about the largest unexpected expense they could pay in cash. Their answers were sobering. Overall, 42 percent say they could not withstand an emergency expense of $5,000 or less. The situation is worse for California’s Gen Xers, 48 percent of whom say they could not afford to pay for such an expense. Moreover, more than one in five (20 percent) say they are unable to afford an emergency expense