A brand new Bankrate survey shed some light on how Americans tackle unexpected expenses, how Millennials are managing financial independence and which expenses people are prioritizing in their budgets. The survey was conducted in December of 2015 and included 1,000 adult respondents living in the U.S.

Unexpected Expenses

According to the survey results, a surprisingly large number of Americans don’t have the financial resources at hand to handle an unexpected $1,000 expense. Bankrate found that 37% of those surveyed would pay for such an expense by dipping into savings. Another 23% of respondents would prefer to cut back on other spending.

However, while 60% of respondents would attempt to budget to handle the expense on their own, 15% of respondents said they would use credit cards to tackle the expense, and another 15% said they would borrow from family or friends.

Nearly one in ten respondents earning less than $30,000 per year said that they do not know how they would possibly pay for an expense that size.

Millennials’ Shifting Approach

Of those surveyed, 37% of Millennials said…

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