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FED study says many in debt, at risk, and cannot retire


Document of the Day. The results of a survey conducted on behalf of the Board of Governors of the Federal Reserve System have been reported in the news recently.

Some of the findings of the report include:

  • Only 53 percent of respondents indicate that they could cover a hypothetical emergency expense costing $400 without selling something or borrowing money.
  • 23 percent of the adult population has some form of education debt.
  • 31 percent of non-retirees have no retirement savings or pension. Among lower-income respondents, 55 percent plan to keep working as long as possible or never plan to retire.

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