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LendingClub: The Reality Behind the $400 Emergency Expense Number

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We recently hosted our quarterly webinar, where Anuj Nayar, LendingClub’s Financial Health Officer, had an insightful discussion on:  

  1. Why the Fed’s $400 emergency expense number is outdated  

  2. A look into the latest data showing what the actual average cost of an emergency expense is today

     

When was the last time you had an emergency expense that was $400? With inflation gouging consumer savings, fewer individuals are prepared for an emergency expense. So why is the Fed still using $400 as a benchmark for evaluating financial well-being when our economy has completely turned on its head?

Check out the video below to learn more.

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