Finance
Finance
(BPT) - The median emergency savings for Americans is $500, according to new Empower research. The size of the safety net varies by generation, with Boomers saving a median of $2,000 - five times that of Gen Z's reserves of $400. One-third of Americans (32%) don't have an emergency savings fund and 29% say they can't afford an unexpected expense over $400.
Half of Americans admit they're stressed about their current level of emergency savings (50%) and recognize the importance of a safety net. Some 75% of Americans agree emergency savings are essential for financial security and 64% say it's a financial priority for them.
Emergency savings are top of mind - and a moving target
The majority of Americans (64%) say growing their emergency savings is a financial priority right now - even if they're still finding their financial footing. So where do things stand?
The median emergency savings balance for Americans:
* Overall: $500
* Gen Z: $400
* Millennials: $300
* Gen X: $500
* Boomers: $...
What you need to know about home equity loans
(BPT) - If you have large or unexpected expenses on the horizon, you may have access to an untapped resource: your home. You could use some of the equity you've built up in your house to meet financial goals, depending on how much equity you have and how you use it.
Here's a guide from the experts at Navy Federal Credit Union to explain how home equity loans work and when you should - or shouldn't - use your home's equity.
What is a home equity loan?
In basic terms, a home equity loan is money you're borrowing using your home as collateral. The equity in your home equals how much of your home's value you actually own (not counting the mortgage you're still paying off).
Home equity loans are frequently offered at lower interest rates than other loans, so they may be a great option for consolidating debt on higher interest credit cards, or large home improvement projects.
You can determine how much equity you have in your home, and how much...