Oregonians are feeling a bit gloomier about their finances, with more saying they would struggle to afford a significant, unexpected expense.
One-third of people say they would have to borrow money to cover a $400 emergency, according to a new poll from Oregon Consumer Justice and the Oregon Values and Beliefs Center. That’s up from about 25% in the fall of 2023 but down a smidge from 35% last fall.
Oregon’s figures closely mirror national data collected by the Federal Reserve, which has been tracking the subject for more than a decade. The Fed finds that 37% of people say they couldn’t cover a $400 expense, up from 32% in 2021.
Faced with a financial crisis, Oregonians say they would most likely sell something or borrow from a friend or family member to come up with emergency cash.
The Oregon poll finds, unsurprisingly, that there are big differences in financial security based on demographic factors:
75% of Oregonians over age 75 say they could easily cover a $400 emergency. Just 22% of those age 18 to 29 agree.
64% of college grads are confident they can come up with $400 in a pinch. Among those who didn’t graduate from high school, only 18% say the same.
44% of white Oregonians say they have the $400 for an emergency. It’s just 28% for nonwhite Oregonians.
Housing and utility costs represent Oregonians’ biggest financial stressors, according to the poll. Thirty-nine percent of respondents listed each of those as areas of deep concern.
Credit card debt, unspecified loss of income, unexpected fees or penalties and layoffs are Oregonians’ other major worries.
The new poll comes as Oregon’s economy shows growing signs of strain, with layoffs climbing steeply in each of the past two years and unemployment rising steadily. The state’s jobless rate was 5.0% last month, the highest level since the pandemic.
This is Oregon Insight, The Oregonian’s weekly look at the numbers behind the state’s economy. View past installments here.
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