Could you pay a $1,000 emergency bill out of pocket? Most Americ - WXOW News 19 La Crosse, WI – News, Weather and Sports |

Could you pay a $1,000 emergency bill out of pocket? Most Americans can't

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(CNN) - If you were hit with a $1,000 emergency, would you be able to cover it? The majority of Americans can't.

A new report from bankrate.com found that only 39 percent would be able pay a bill that size out of savings.

Among those who say they couldn't pay, 36 percent said they'd need to borrow the money or put it on a credit card.

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

According to the survey, younger millennials (ages 18-27) were the most likely of all age groups to borrow from family or friends in an emergency situation, while older millennials (ages 28-37) were those most likely to reduce spending on other things.

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