A new survey by LendEDU suggests Americans are woefully underprepared for the prospect of an imminent recession.
LendEDU found that 55.2% of survey respondents have $1,000 or less in savings, with the average amount at $9,585. In fact, 32% of Americans reported having no savings at all.
Despite the number of people that have little or no money set aside to help them manage a potential pay cut or job loss, only 42% said they are planning to spend less and save more in preparation for a potential economic slowdown.
When it comes to investing, 44% said they are planning to move forward with their current investing strategy despite the possibility of a recession. Only 16.1% of respondents said they are planning on investing more conservatively, while 3.8% said they are planning on investing more aggressively.
Only 40.4% of respondents said their personal finances are currently strong enough to handle a recession.
