Study: Americans Are Unprepared For Surprise Expenses

A recent study found approximately 60 percent of Americans are not ready for costly emergencies and accidents.

The 2011 Aflac WorkForces Report found more than 50 percent of consumers do not have a financial plan they can use to make extra expenses manageable. Another 31 percent have below $500 saved for unplanned incidents.

"About half of the workers we surveyed said they're already struggling with financial stress," said Audrey Tillman, executive vice president of corporate services at Aflac. "It shows how close to the edge many people are and how an unexpected accident or illness could make things even more challenging, financially."

A total of 44 percent of those polled would need to ask relatives, use a credit card or open their retirement fund to get extra funds in an emergency. Nearly 20 percent said they have absolutely no idea if they could cover the costs.

Consumers should be wary of emergencies, especially in such a difficult economy. Those who hit a financial snag may pile up large bills and could need significant debt relief, possibly complicating issues further.