QoD: Rank order from highest to lowest: percentage of people who....a) have an emergency fund, b) struggle to pay bills, c) live paycheck to paycheck.

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Jun 10, 2019
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Question of the Day, Budgeting

Answer (from Schwab Modern Wealth Report):

  • Live paycheck to paycheck: 59%
  • Struggle to pay bills: 44%
  • Have an emergency fund: 38%

Questions:

  • Why do you think so many Americans live paycheck to paycheck? How much of it is an income problem compared to a spending problem? 
  • If someone came to you and said "I want to stop living paycheck to paycheck," what questions would you ask them to try and understand their situation? 
  • Why do you think it's so important to have an emergency fund? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

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About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.