When life gives you lemons…sometimes you have to tap an emergency fund. 

A financial surprise can be a sour moment: 37% of Americans can’t afford an unexpected expense over $400, and almost a quarter (21%) have no emergency savings at all, according to new Empower research.

In fact, 1 in 4 (25%) people are feeling the squeeze, dipping into emergency savings to cover basic living expenses in the past year. Americans agree that being able to weather unexpected financial needs creates a sense of Financial Happiness, and many are taking steps to plan for the unplanned.

Read on for more money stories, served with a side of zest. 

— The Editors

🍊 Slice of life: According to the Census Bureau’s latest estimates, the 65-and-up population grew in all of America’s biggest cities from 2020-2023, up 20%* in some areas. Cities with the most 65+ growth include Raleigh (+18.3%), Austin (+17.3%), and Houston (+15.3%). The trend is influencing the real estate market and retirement savings: Those relocating can cash in on a median home equity of $250,000* and more, if they downsize in the move. For those approaching their golden years, increasing retirement saving contributions by just 1% more can have a meaningful impact.

🍬 Sweet and sour: The monthly Consumer Price Index dipped 0.1% in June with the 12-month rate landing at 3%* — the lowest in more than 3 years. Gas prices slid 3.8% from May to offset slight increases of 0.2% in food and shelter. Prices may not be rising as quickly as they have been, but American households still have sticker shock: The overall CPI has increased 20%* since February 2020.

🏎️ No lemons here: NASCAR is unveiling a $1.5 million* prototype EV stock car, and Ferrari is gearing up to launch its first EV next year, which will have a starting price of $535,000.* That’s about 42% higher than the $376,000 average purchase price for the automaker’s other vehicles, and nearly 1,760% more than the average price of $28,767 for used EVs in general. Americans have saved $1 billion in EV tax credits so far in 2024, according to the Treasury and IRS.

 👛 Small-change squeeze: $68 million* in coins are tossed each year, according to Reworld. The sustainable waste processing company recovers and separates 550,000 tons of metals annually and has collected $10 million in loose change over the last seven years. A little can go a long way, especially when Empower data shows Americans have a median emergency savings of just $600.

Labor glass half full with a twist

The U.S. added 206,000* jobs in June, higher than the 200,000 forecasted but fewer than the 218,000 in May. Despite steady hiring, unemployment also rose to 4.1%.* While still historically low, it’s the highest level since November 2021, signaling a cooling economy. 

Average hourly pay was also up 3.9% year over year to $35.00* — a fraction of the $240 Americans say an hour of their time is worth on average, according to an Empower study.

Though it's the smallest annual wage growth* in three years, it still outpaced the 3%* increase in consumer prices. That may be good news for the nearly 6 in 10 (57%) Americans who say high inflation and price increases have soured their ability to save for an emergency this year, according to Empower research.

🥤 Stirred up: (54%) worry about paying emergency expenses if or when the time comes, new Empower research reveals.

Novelty homes are juicing the market

Would you live in a house shaped like a lemon?

New Zillow data* shows that if cost wasn't a factor, people would want a home with customized features — the stuff of childhood dreams. The whimsical wishlist for buyers includes a home theater (76%), a bowling alley (43%), and a personal elevator (58%).

But these homes often come with big price tags — like one $20 million Los Angeles compound with a go-kart track, golf simulator, and built-in aquarium — or a $2 million listing in San Luis Obispo that stands out with a peacock mosaic.

A social media account dubbed Zillow Gone Wild (2 million followers strong) has turned featuring the unexpected into a hit HGTV show. As Americans keep dreamscrolling for the perfect house, Zillow reported 217 million people* visited the site to window shop in the first quarter of 2024.

“Who is Alex Trebek?”

The U.S. Postal Service is answering in the form of a question with the release of its new Forever stamp honoring the late, longtime Jeopardy! game-show host.

The new stamp debuts on the heels of the sixth price hike in the last three years, from 68 to 73 cents.* Sold in sets of 20 for $14.60,* the tribute stamp is designed to mimic the game show’s board and features categories such as “entertainment” and “famous Alexes,” together with a photo of Trebek.