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According to a Gallup poll released Tuesday night, about half of Americans (48 percent) say they do not have enough money on hand to make a major purchase or pay for a significant repair if needed.
While half of Americans say they would not have enough money for an emergency, approximately 70 percent of Americans say they have enough money "to buy the things they need" on a day-to-day basis.
Gallup reports,
“Less than half of those with a household income below $48,000 a year say they would have enough money for an emergency. That percentage rises to three-quarters among those with an income of $90,000 to less than $120,000 a year, well above the national median income, with the percentage topping out at 84% among those in the highest income category included in this analysis -- those earning $240,000 or more.
“The fact that half of Americans say they would not be able to make a major purchase does not mean that half don't have enough money to make ends meet on a day-to-day basis. Responses to a separate question, asked of a different subgroup of respondents, show that 70% of Americans say they have enough money ‘to buy the things they need.’
“Only those in the two lowest income groups -- those whose household income is less than $24,000 a year -- are below the 50% mark in saying they have enough money to buy what they need. The percentage rises to above 50% among those making $24,000 or more a year, and generally continues to climb across each increasing income group.
“Still, one in 10 Americans making $120,000 or more say they don't have enough money to buy what they need on a daily basis.”
Gallup also found that three in five Americans plan to cut back on spending. A likely explanation could be that many people spent more than they felt they could afford to over the holidays.