2023-01-25 20:43:12

Suze Orman: Americans are short on emergency savings amid 'dangerous scenario' for economy

By Lorie Konish

Key Points

  • High inflation and economic uncertainty are cramping Americans ability to save for emergencies.
  • "It's a ... more dangerous scenario now than it was during the pandemic," personal finance expert Suze Orman tells CNBC.com.
  • Here's why having an emergency savings set aside is crucial to your financial health.

Suze Orman speaks during AOL's BUILD Speaker Series at AOL Studios In New York.

Jenny Anderson | WireImage | Getty Images

An unexpected bill is never convenient.

But there are even more reasons now that an unforeseen event such as a car repair or medical expense could put Americans on unstable financial footing.

Blame record high inflation, which has soared to the highest levels in 40 years and pushed up prices for everything, including grocery store staples like butter, lettuce and dairy products.

Heading into 2023, recession risks also loom. The question is whether a downturn would be mild or prolonged, while leading tech employers like Amazon and Google have already started slashing jobs.

Continue read on cnbc.com

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