A recent survey of 1,000 adults by Bankrate.com found that 63% of Americans have no emergency savings to pay for a $1,000 emergency room visit or $500 car repair. In 2014, the U.S. Federal Reserve released survey results from more than 4,000 adults and found, “Savings are depleted for many households after the recession.” Another survey of 1,000 adults last year by GOBankingRates.com found that 62% of Americans have less than $1,000 in a savings account (not including retirement or other investment accounts). More than four in 10 Americans either experienced a major unexpected expense over the past 12 months or had an immediate family member who had an unexpected expense, Bankrate found. Why aren’t people saving? Millions of Americans continue to struggle with student loans, medical bills, and other debts.
Source: MarketWatch, 1/6/16, Emergency