New survey finds half of Americans have no savings

May 24, 2011 5:02:27 PM PDT
A new survey finds that half of Americans aren't prepared for a minor financial emergency.

The study by the National Bureau of Economic Research shows 50 percent of Americans would struggle to come up with $2,000 in an emergency like an unexpected car or home repair, a large medical bill or a legal expense.

Sixty percent say they would need to dip into savings, 34 percent would have to ask family and friends for help and 30 percent would have to resort to credit cards or loans.