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A little over half of Americans think they don't have enough in emergency savings, a new report from Bankrate has found. The rate of respondents who say they have sufficient emergency savings to cover three month's worth of expenses is at 48%–similar to 2022, when inflation was at a 40-year high.
It's possible that ongoing concerns about inflation, and talk of a recession, has focused Americans on the issue more than in the past, and the bad economic news has people worried, according to Greg McBride, chief financial officer with Bankrate. "The economic gyrations over the past four years have underscored the importance of having emergency savings, with an increasing share of Americans thinking it will take a bigger savings cushion to feel comfortable with it," he said.
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