Study: finds most Americans could not pay $1,000 for an emergency if needed

CNN VAN A new study from Bankrate.com finds that most Americans would not be able to cover a $1,000 emergency if need be.

The report found that only 39% would be able to pay a bill that size out of their savings.

Among those who said they couldn’t pay, 36% said they would need to borrow the money or put it on a credit card.

The study also found that 34% of respondents actually did have a major unexpected expense in the past year, and most were even bigger than $1,000.

According to the survey, younger millennials between the ages of 18 and 27 said they were most likely of all age groups surveyed to borrow from family or friends.

Older millennials ages 28 through 37 were most likely to reduce spending on other things.