A new study by Bankrate.com found that only 24 percent of Americans have a six-month emergency savings cushion, while another 24 percent have no emergency savings whatsoever.
Coupled with the fact that 6.2 million Americans have been out of work for six months or longer, the lack of savings is espcially worrisome.
"The majority of Americans still have much work to do in building an adequate emergency savings cushion," said Greg McBride, senior financial analyst for Bankrate.com. "Those most likely to have an adequate savings cushion are individuals in their 50s and 60s and higher-income households. But even among these groups, at least half do not have six months' expenses in an emergency fund."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
