Half of American families are living paycheck to paycheck. Some 50% of people is woefully unprepared for a financial emergency, new research finds. Nearly 1 in 5 (19%) Americans have nothing set aside to cover an unexpected emergency, while nearly 1 in 3 (31%) Americans don’t have at least $500 set aside to cover an unexpected emergency expense, according to a survey. A separate survey found that 49% of employees are “concerned, anxious or fearful about their current financial well-being.” According to a separate 2016 report released by the U.S. Federal Reserve, which surveyed nearly 9,000 adults. Many individuals who experienced a financial hardship in the prior year indicated that they drew down savings, undertook some form of borrowing, or both. Some 20.5% of those who reported a financial hardship and earn less than $40,000 per year did just that. (The percentage was 11% for those earning between $40,000 and $100,000.)

One illness can push people to the brink of financial ruin.