One in Three Americans Caught Flat-Footed on Financial Preparedness, TD Bank Report Reveals

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One in Three Americans Caught Flat-Footed on Financial Preparedness, TD Bank Report Reveals .bwalignc { text-align: center; list-style-position: inside } Report Finds Medical Emergencies and Retirement Preparedness Are Top-of-Mind As today's world is faced with ongoing challenges and unexpected obstacles, including those in the financial industry, how financially prepared are consumers? Forty-four percent of Americans report they think about their financial preparedness every single day, yet 36% of Americans say they are not confident they have enough savings to cover unexpected bills. These significant findings are broken down in TD Bank’s inaugural Financial Preparedness Report, Consumer Index where more than 5,000 U.S. adults were surveyed to examine their financial challenges, saving habits, and the actions they are taking to improve their financial health. "With ongoing economic concerns top-of-mind for consumers, preparation is key to better ensure that you're well-positioned in any climate," said Allison Robinson, Head of Retail Distribution at TD Bank. “We aim to provide our customers with the guidance they need to help them achieve their financial goals, and the TD Consumer Index highlights some of the most pressing topics concerning consumers today." The Consumer Index covers a range of consumer behaviors including three standout categories: healthcare, retirement, and homeownership. In the coming weeks, the Financial Preparedness Report will release its Small Business Index. Is Health and Wellness "Weighing" You Down Financially? Americans see illness or an unwelcome visit to the Emergency Room as the most critical time to be financially prepared, with seven in ten (70%) ranking it among their top three priorities for financial readiness. A majority (72%) of Americans have been impacted by unexpected bills, with 59% of these respondents having gone into debt as a result. Additionally, 33% had to reallocate part of their savings to cover costs. Despite acknowledging the significance of healthcare expenses, only half said they are prepared to cover those costs. Are You Ready for Life's Next Chapter? Better Plan Accordingly Saving for retirement is important for an overwhelming majority of consumers (88% of respondents), yet almost half don't feel ready for it (47%). That unease likely stems from respondents not setting aside monthly...

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