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Are you ready for a recession? A survey says probably not

A new survey says many Americans are not prepared for a recession.

According to a new survey by bankrate.com, 40 percent of Americans are not ready for an economic downtown if it were to happen in the next six to 12 months.

Nearly a quarter of the respondents said they were not very prepared, while 16 percent said they were not prepared at all.

“This is where a lot of Americans need to learn to flex their financial muscles,” says Megan Gorman, founding partner of Chequers Financial Management, a San Francisco-based financial planning firm. “Most Americans are reactive to their money, and they are not proactive. You should always be preparing for downside risk.”

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