A national survey of more than 2,100
Key among the findings: The majority of Americans – a striking 62 percent – feel they would struggle to meet their basic household needs if they did not have any income for three months, such as in the event of an accident. And, nearly three-quarters (73 percent) of Americans think that insurers often drag out the claims process and try to avoid paying the fair value of the claim in the event of an accident.
"The survey illuminates the need for Americans to evaluate their finances honestly, with an eye toward the unexpected," said
Below are highlights from the survey.
Emergency Savings Reality Check
When asked about their current financial situation:
- 63 percent of Americans say they have money saved for emergency situations. But, many may find what they have saved won't be enough;
- 62 percent also say if they didn't have income for three months, they would struggle to meet basic household needs – including 70 percent of women ages 18-44;
- Americans ages 45-54 (likely peak earning years), are less likely to say they have money saved for emergency situations than Americans age 55 and up (56 percent vs. 69 percent);
- After personal savings (58 percent), credit cards (39 percent) – which can plunge a person into debt – are the second most popular method Americans would consider to cover expenses during three months of lost income; 19 percent say they would cash out retirement funds, while 18 percent would take out a short-term loan, and 15 percent would not pay bills and default.
Insurance claim settlements present another vital financial resource to fill the income void in the event of an accident, but many Americans report negative opinions of the claims process after an accident:
- Nearly three-quarters (73 percent) believe that insurance carriers often drag out the claims process, which delays paying out compensation;
- 73 percent also think that insurance carriers often try to avoid paying the fair value of the claim.
This survey was conducted online within the
About Oasis Financial
Oasis Financial, a national leader in consumer legal funding, is headquartered in suburban Chicago and has satellite offices across the country. Consumer legal funding is a debt-free solution that helps families recover and meet day-to-day needs after an accident or injury while pursuing a legal claim. With consumer legal funding, families have the choice to replace lost income immediately, when they need it most. Providers like Oasis purchase a small portion of a potential settlement amount. This purchase provides consumer-friendly benefits specifically designed for people pursuing a claim: no monthly payments, no risk to consumer credit, no risk of default, and if the case doesn't settle, the client keeps the funding with no obligations. Oasis has helped many of the 500,000 people who have used consumer legal funding make ends meet over the last 15 years.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/why-weathering-an-emergency-could-cost-more-than-you-think-300389142.html
SOURCE Oasis Financial